A press release revealed that the blockchain consortium R3 has welcomed the Wall Street Blockchain Alliance (WSBA). WBSA has joined the blockchain consortium R3 to establish an application and solutions on their Corda platform and aims to advocate a strategic approach in collaborating with regulatory bodies so that financial markets can gain the full benefits of blockchain’s capabilities.
A short-term debt instrument transaction was settled on Corda blockchain platform with the involvement of four banks namely Commerzbank, ING, Natixis, and Rabobank. Reportedly, the transaction was worth €100,000 worth euro commercial paper (ECP). Natixis was the issuer of the instrument, Rabobank as the investor, ING as the dealer and escrow agent. Commerzbank was the provider of technical support.
R3 has launched Corda Settler, an application which allows the user to make payment across the globe opens with XRP cryptocurrency. The app works by verifying that the beneficiary’s account was credited with the payment, and simultaneously updating the Corda ledger. R3’s CTO Richard Brown says, App will be soon open to all forms of crypto and traditional assets.
Finacle, the subsidiary of Infosys, has partnered with R3 blockchain company focusing on the blockchain solutions. The association is aimed to support banks to access and embrace Finacle’s blockchain solutions on Corda. The Chief Business Officer of Finacle expressed, “We are pioneering several blockchain-based solutions to help drive progress in the industry.”
The Ripple Labs Inc. has arrived at a settlement of all the outstanding litigation between R3 Hold Co LLC, R3 LLC, and XRP II, LLC. The details of the settlement are to remain confidential. Reportedly, the lawsuit began on 8th September 2017 as R3 slashed a complaint against Ripple in the Delaware Chancery Court. Ripple also filed a countersuit.
Large Credit Union Coalition (LCUC) that consists of 16 largest credit unions announced regarding their participation with R3’s global blockchain ecosystem. The CIO at Servus Credit Union, Yves Auger explained, “The LCUC is thrilled to be working with R3 and exploring the distributed ledger technology space more closely, building on some of our members’ successes with the technology.”
Nearly 39 firms have completed three hundred transactions on the Know Your Customer (KYC) application developed on Corda blockchain platform. The CEO of R3, David E Rutter stated, “KYC requirements present a significant challenge to financial institutions and the process is often slow and time-consuming.” The transactions were carried from 19 countries across eight time-zones.
The Blockchain Insurance Industry Initiative (B3i) would be embracing R3’s Corda platform for its upcoming projects. The CTO of B3i, Markus Tradt stated, “The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industry-wide insurance blockchain ecosystem.” The insurance company aims to bring data privacy, scalability, and developer productivity.
R3 blockchain startup has received $5 million investment from CLS, a U.S. based forex settlement provider. The CLS official, Alan Marquard mentioned that they aim to discover on the transformative blockchain-based solutions in the forex industry. CLS has also joined hands with IBM and Hyperledger Fabric for its CLSNet. R3 would aid other projects of the CLS platform.
With respect to deepening lawsuit, Ripple filed a counterclaim in the New York State Court stating that claiming R3 signed the deal in ‘bad faith’ as reported by Fortune. It also stated that R3 used their partnership in establishing a competing product. The counterclaim highlighted, “R3 had misrepresented its resources and current ability to perform solely to induce Ripple in executing the Agreements”.