Moonchaser, a prominent figure in the XRP community, has clarified a prevailing misconception regarding R3 Corda’s connection with XRP and the XRP Ledger (XRPL).
Taking to X today, the influencer debunked the claims that R3 was utilizing XRP or XRPL for its settlement mechanisms, shedding light on the actual scenario.
Dear #XRPCommunity #XRPArmy
Let’s clear up this R3 Corder Settler using #XRP false and misinformed narrative once and for all.
R3 is NOT using #XRP or the #XRPL for that matter.
R3’s Corda uses the XDC Network and $XDC is their primary settlement token.
? 1/8 https://t.co/M6l5CMWfKa
— Moonchaser ☀️? (@Moonchaser2020) October 11, 2023
Moonchaser unequivocally stated that R3 Corda is not utilizing XRP or XRPL for its operations. Instead, R3 Corda has chosen the XDC Network, whose primary settlement asset is XDC. This statement serves to rectify the false narrative.
R3 Corda is a permissioned network for financial services and other industries. Notably, R3 Corda has integrated the XDC Network, according to an announcement in 2021, solidifying its choice of XDC as the primary settlement token.
Addressing the past confusion, Moonchaser highlighted that there was indeed an announcement about R3 Corda intending to use XRP as its first mechanism for settlement. R3 made this announcement in December 2018.
However, this was merely a Proof of Concept (POC). Data suggests the implementation never fully materialized, ultimately leading to a legal dispute between R3 and Ripple.
The details of the ensuing lawsuit between R3 and Ripple remain undisclosed due to a confidential settlement, which resulted in both companies, R3 and Ripple, ceasing to mention each other.
Another prominent community member, Eri, also clarified this development in a separate statement. Eri noted that the Corda Settler is an open-source program allowing individuals to deploy tokens for use, including XRP. This fact does not mean the platform officially uses XRP.
Corda "Settler", as instructed by SBI CEO Mr. Kitao (2018-2019), used #XRP in a *proof of concept* only. This OPEN SOURCE SOFTWARE can utilize any digital asset. This code supports the POC. Anyone can deploy and use any asset they wish. This does not mean R3 is using XRP.… https://t.co/5n2CnfpNZK
— ?Crypto Eri ?Carpe Diem (@sentosumosaba) October 11, 2023
Further Clarification
Additionally, Moonchaser highlighted the role of SBI Group, the largest shareholder of R3 and a Ripple partner, in enhancing the growth of both companies and their crypto ecosystems.
SBI Group’s involvement in SBI R3 Japan, a joint venture with R3, underscores its commitment to supporting Corda licenses and implementation in Japan. This collaboration mirrors SBI Group’s engagement with Ripple through SBI Ripple Asia, a joint venture aimed at enhancing Ripple’s presence.
To affirm her statements, Moonchaser indicated that, at the present moment, R3 Corda is not utilizing XRP or XRPL, citing people familiar with the matter. She emphasized the absence of public information and any discernible activity on the XRPL corroborating R3 Corda’s use of XRP.
She encouraged the XRP community to focus on the promising developments within the XRP Ledger, emphasizing the need to remain informed and excited about real, ongoing initiatives.
In response to Moonchaser’s statement, another XRP community figure, WrathofKahneman (WOK), called attention to a thread in January in which he addressed the situation.
In the January post, WOK emphasized that R3 Corda is not set to use XRP directly or indirectly. Instead, Corda is exploring a new payment approach, currently testing it in collaboration with Ripple partner Modulr.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
