R3, the distributed ledger technology provider, announced the launch of Corda Settler, an application that facilitates global cryptocurrency payments on enterprise blockchains. Corda Settler will initially support XRP. Richard Gendal Brown, CTO of R3, told CoinDesk that ‘The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.’ Corda Settler enables payment obligations on R3’s enterprise Corda blockchain to be settled on parallel rails (not on the main chain) supporting cryptocurrencies like XRP. Settler will verify credited payments and automatically update Corda’s blockchain.
R3’s announcement to support XRP comes after a year-long lawsuit between the company and its direct competitor, Ripple.
The lawsuit revolved around an option contract that gave R3 the right purchase up to 5 billion XRPs for $0.0085 per unit until September 2019. R3’s alleged that Ripple attempted to terminate this contract which prompted the lawsuit. R3 and Ripple settled the lawsuit in September 2018, with details of the settlement remaining confidential.