- Enterprise blockchain company R3 is partnering with Instamatch Global.
- The partnership aims to test R3’s Corda Settler’s ability to settle international payments with Ripple (XRP) in a pilot with 50 banks.
- XRP is the platform’s first crypto payment rail.
The American-based blockchain startup Ripple offers various software solutions for small and large companies to handle cross-border transactions. It differentiates itself from other cryptocurrency platforms by its close working relationships with banks.
The Blockchain company R3 is a close partner of Instamatch Global, which is looking forward to testing the use of XRP in a new pilot project involving over 50 banks.
Instamatch Global is a global network for institutional borrowers and lenders that can combine their trading activities and synergies on one platform. The network is testing R3’s Corda Settler to see whether it is able to execute transactions using Ripple’s native cryptocurrency (XRP) in a trial program involving more than 50 banks.
Why is the partnership important for Ripple (XRP)
Corda Settler offers all participating companies the ability to manage and trade cryptocurrencies as well as traditional assets in a distributed ledger. Ripple (XRP) is the first cryptocurrency supported by the platform. Here, a decentralized app (DApp) will be developed that Corda Settler will integrate to handle payments in real-time. The R3’s websites states:
“Coupling the DApp with the latest settlement API (R3 Settler/XRP), we are able to offer the high speed of payments necessary for the execution of intraday trades. Our money market offering in R3 Corda is a highly secure, GDPR compliant DApp allowing banks, family offices, corporations, utilities, etc. to exchange liquidity amongst each other.”
The DApp is currently being tested and will go live at the end of March or in April. So far, no official names of banks participating in this project have been mentioned.
It remains to be seen whether Instamatch Global will adopt R3’s Corda Settler blockchain and utilize XRP for cross-border settlements.