Ripple’s XRP is being tested by 50 banks for settling transactions. Ripple’s R3 partner teamed up with Instimatch Global which is a digital network for institutional money market lending.
They’re currently testing R3’s Corda Settler and the ability to settle transactions using Ripple’s digital asset XRP. All of this is taking place in a pilot with 50 banks.
Corda Settler will provide companies a brand new way of moving digital assets and traditional ones on a distributed ledger.
The platform is currently supporting XRP as the first crypto payment rail.
Building a dApp to integrate Corda Settler
At the moment, Instimatch is building a dApp that will integrate the Corda Settler to power transactions in real time.
“Coupling the DApp with the latest settlement API (R3 Settler/XRP), we can 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,” Instimatch says.
They continued and stated the following: “This DApp offers the modern alternative to voice broking and replaces our present, centralized database version which has seen a volume of over 1 Billion USD equivalent and 50 Banks are on-boarded.”
The pilot with the banks is live, according to XRP Research Center but the names of the banks which are involved in the project is not out yet.
Debajani Mohanty (working on the implementation of the Corda Settler/XRP with the @instimatch trading platform) confirms the product is being tested by banks and that the production version is expected to be released somewhere between March/April 2019.https://t.co/EU27RkJrge
— XRP Research Center (@XrpCenter) February 19, 2019
Ripple’s XRP to surpass Bitcoin (BTC) in market cap
Sbi Holdings CEO says that they are currently working to support XRP mass adoption and they want to help XRP become the world’s biggest token in market cap.
During a brand new interview with the Japanese crypto outlet Coin Post, Yoshitaka Kitao said that he believes that Ripple and XRP will be able to rebound the crypto market.