About five years ago, everything may have seemed unthinkable, but now crypto tokens are almost all over in R3. Things are moving really fast, and for R3, a start-up that develops blockchains for banks, everything is going beyond expectations. Before we move on, let’s not forget that the blockchain firm in question boasts some ambitious plans for XRP.
For some, a key highlight might have been the investment made in R3 by CLS – a provider of foreign exchange settlement with the current worth of $5 million. Experts believe CLS’s investment in R3 was an excellent move, which only meant that the products and services were made faster, safer, and more cost-effective for users.
Countless Institutions have invested in R3 already
Several banks have turned to invest in building blockchain prototypes of which many are for the KYC requirements for the AML as well as prototypes for reducing the cost of exchanging money.
The main agenda is to overcome various challenges, and some of the challenges include security of private information alongside the regulatory gray zone of the cryptocurrencies.
The innovative blockchain company, R3, has built a consortium that has over 75 of the globe’s leading financial institutions integrating and taking advantage of the new blockchain technology. Among the plethora of institutions include HSBC, The SBI Group, Bank of America Merrill Lynch, ING, Banco Bradesco, Intel, MUFG, Citi, Wells Fargo, BNP Paribas, Barclays, Itau Unibanco, Natixis, Mizuho, Sumitomo Mitsui Banking Corporation, Daiwa Securities Group, Nomura, and the mighty RBS.
R3 aims at improving the cross-border exchange, lower cost of auditing as well as enhance the speed of the interbank fund transfer and settlements.
The firm boasts three main pillars. First of them is financial-grade blockchain, whereby R3 has the base layer tech which supports the needs of a global financial institution. Secondly, it has research and development whereby R3 has a bilateral research center testing as well as creating industry standards for the commercial-grade blockchain technology. The blockchain company’s third pillar is product development, where R3 collaborates with institutions in creating products to solve problems in the value chain.
R3’s Corda is a distributed ledger blockchain platform for the financial institutions to manage as well as synchronize the commercial agreements between the regulated financial institutions.
Interestingly, R3 started integrating XRP last year already. And now there are reports that it visions to use XRP for the commerce. There also are rumors that the blockchain firm is working on a real estate application which will support XRP for the payments.
Ironically, all those news and many other exciting ones have failed to lift the XRP price till now as the cryptocurrency dances around $0.40 mark for some time now.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.