May 18, 2024

A prominent XRP community personality, Moonchaser, has clarified R3 Corda’s link with XRP and the XRP Ledger (XRPL). 

The crypto influencer dispersed the rumor regarding R3’s use of XRP or XRPL for its financial payment system. The statement came in response to some false narratives about R3 Corda’s operations. 

Clarifications On The Connection Between R3 Corda And XRP

In a post on the X platform on October 11, Moonchaser highlighted claims on R3 Corda’s settlement mechanisms. 

According to Moonchaser, R3 Corda does not use XRP or XRPL for its operations and payment systems. The influencer revealed that R3 relies on the XDC Network and its native token, XDC, as a settlement asset.

R3 Corda is a permissioned network operating as a distributed ledger technology platform that supports financial services. It aims to ensure a seamless, secure, and efficient transfer of data and value. Its functionalities are based on privacy, interoperability, and security.

Following an announcement in 2021, R3 Corda integrated the XDC Network into its platform. It prompts using XDC as the primary settlement asset for R3 Corda.

Explaining further, Moonchaser noted that R3 Corda had intended to use XRP for its first settlement mechanism. Notably, the company announced its desire for such a move in December 2018.

However, the events surrounding the integration did not go down favorably for the two parties. The proposed collaboration stopped as a Proof of Concept (POC) with no complete implementation. The failed deal resulted in a legal dispute between XRP and R3 Corda.

However, there weren’t any disclosed details regarding the lawsuit between the parties due to their signed confidential settlement. Subsequently, both R3 and Ripple, the firm behind XRP, went their separate ways without a link to each other.

R3 Corda And Ripple Have A Mutual Partner

In his post, Moonchaser further suggested that some people could confuse the connection between R3 and Ripple as they have a mutual partner, SBI Group. SBI Group is promoting the development of both firms and their respective crypto ecosystem.

While SBI Group is the biggest shareholder of R3, it is a prominent Ripple partner. SBI Group created a joint venture with R3 known as SBI R3 Japan. This indicates its focus on facilitating Corda’s operations, licenses, and growth in Japan. SBI R3 Japan reflects SBI’s Group’s collaboration with Ripple called SBI Ripple Asia.

The latter is a joint venture saddled to advance Ripple in the Asian region. Moonchaser backed her statement with the information that R3 Corda currently doesn’t use XRP or XRPL. Also, no activity on XRPL supports such integration between the companies.

Through a different statement, another notable crypto community member, Eri, gave a supporting clarification. According to Eri, the Corda Settler is an open-source program where users can deploy any digital asset, including XRP. 

However, this does not indicate that R3 Corda is officially using XRP as its settlement token.

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