Ripple Partner Firm’s Founder Says Collaboration Is A Good Way to Enhance Legacy Institutions’ Efficiencies

Partnership is one of the things keeping most digital currency projects going. Recently, the CEO and founder of R3, Ripple’s partner, confirmed this. The Corda Settler of R3 partnered with SWIFT in January this year. The firm also tested its Corda Settler payments engine with XRP – the native digital currency that runs the Ripple Network. Many people see Ripple as a potential disrupter of the centralized payments network – SWIFT, and the XRP community has welcomed the partnership with an open arm.

David Rutter Believes Partnership Is One of the Best Ways to Enhance Efficiencies in Banks and Legal Institutions – Cryptocurrency News – XRP News Today

The CEO and founder of R3 – David Rutter – said that he believes partnership is one of the most important ways of enhancing efficiencies in legacy financial establishments and banks. In an interview with TheBanker, the CEO said that R3 had acknowledged the importance of security, scalability, and privacy and hence, integrated them into the core of Corda. He said that the firm was founded on a whole partnership model. Rutter further added that:

“When we first started and realized the huge problem we were trying the tackle with the use of blockchain and the fact that we are trying to solve the problems at an industry level. We knew that involving customers and market participants early on were important. So even before we got our funding round, we had this membership concept. We are trying to solve a problem at the industry level, so you need everyone to participate.”

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Corda Has a Lot of Supporting Hands – Cryptocurrency News Today – Cryptocurrency Market Update – XRP News Update

The CEO and founder of R3 said that a lot of participants in different geographies have contributed to the strength of Corda. R3 recently announced Marco Polo – the trade finance blockchain of the firm – built on the platform of Corda. According to the firm, this is a major achievement. A lot of analysts and investors see this development as a major turning point for the growth and development of the digital trade finance ecosystem.

On the other hand, Ripple has also collaborated with a lot of banks and financial institutions across the globe. Most of its partners are using some of its products. Recently, MoneyGram – the latest partner on Ripple’s list of partners – announced that it has started using xRapid – one of Ripple’s products that uses XRP – to process transactions. This is a major step for XRP towards mainstream adoption and it could have a significant impact on the price of XRP in the near future.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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