Enterprise blockchain company R3 is partnering with Instamatch Global, a digital network for institutional money market lending. Instamatch is testing R3’s Corda Settler and its ability to settle transactions with XRP in a pilot with 50 banks.
Corda Settler is designed to give companies a new way to move crypto and traditional assets on a distributed ledger. The platform supports XRP as its first crypto payment rail.
Instamatch says it’s building a decentralized app (DApp) that integrates Corda Settler in order to power transactions in real time.
“Coupling the DApp with the latest settlement API (R3 Settler/XRP), we are able to offer the high speed of payments necessary for 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.
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.”
Instamatch is based in Switzerland. The company’s mission is to “change the way money market transactions take place by digitalizing traditional voice brokerage and by moving from local to global execution.”
The pilot with the banks is now live, according to XRP Research Center. The names of the banks involved have not yet been disclosed.
Ripple and R3 settled a longstanding legal dispute in September.
R3 sued Ripple Labs in late 2017, accusing Ripple of violating a purchase agreement. The agreement allegedly allowed R3 to buy 5 billion XRP from Ripple at a cost of $0.0085 per token before the end of 2019. The disputed amount has skyrocketed since then, with XRP trading around $0.34, at time of writing.
The exact terms of the settlement are confidential.