HomeNewsXRP and the Swiss Connection: Analyzing R3’s Role in Revolutionizing Swiss Banking

XRP and the Swiss Connection: Analyzing R3’s Role in Revolutionizing Swiss Banking

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  • Switzerland’s Central Bank intends to conduct live transactions with CBDC by year-end, causing a stir in the XRP community.
  • An assertion on X (formerly Twitter) led to a community-driven debate regarding the role of XRP in the Swiss CBDC framework.

A recent tweet by @Rohitku24694375 caused significant ripples in the crypto community when it claimed the Swiss Central Bank’s potential use of XRP as a settlement token via the R3 network. The tweet read,

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The XRP community was abuzz with speculation and discussion after a user, known by the handle @Rohitku24694375, allegedly found a code screenshot hinting at XRP’s usage in Swiss CBDC operations. The claim: “Swiss Central Bank uses R3 Corda DLT for CBDC + R3 Corda settlement code with XRP.”

The Reality Behind the Rumors

Despite the enthusiasm surrounding the tweet, not everyone was on board. The rumor, further propagated by Chad Steingraber’s statement about the “R3 Corda Settler code showing the hooks into an XRP Oracle alongside SWIFT,” was quickly challenged.

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Moonchaser, a revered figure in the crypto space, addressed the XRP community by debunking the claims. She emphasized that R3’s Corda uses the XDC Network, and XDC is their main settlement token. Adding historical context, she reminded enthusiasts of the 2018 R3’s Corda and Ripple partnership announcement, which was a mere proof of concept that never materialized, leading to a lawsuit between R3 and Ripple.

Unraveling R3’s Position and Partnership

Moonchaser delved deeper, highlighting SBI Group’s involvement, a prominent stakeholder in both R3 and Ripple. In 2016, Ripple Labs and SBI Holdings created the joint venture SBI Ripple Asia, focusing on establishing the “Internet of Value” across Japan and other Asian territories. SBI R3 Japan was introduced in 2019 as a joint venture with R3 to promote Corda licenses and associated projects in Japan.

Elaborating on R3’s Corda, Moonchaser clarified that it’s a permissioned Distributed Ledger Technology platform that supports the creation of applications ensuring digital trust in regulated markets. Contrary to speculation, she stressed that R3’s Corda employs its unique XDC token as the primary settlement token.

In a conclusive note, Moonchaser stated: “I have spoken to insiders, and I can confidently assert that R3’s Corda doesn’t employ XRP or the XRPL currently. No public information or activity supports this claim.” Another community influencer, Wrathof Kahneman, resonated with these sentiments, adding that the Corda Settler product, which once featured XRP as a settlement example, has been deprecated in favor of a new Corda SDK.

Currently, XRP’s market value stands at $0.48931, witnessing a 1.5% dip over the past 24 hours. After dropping beneath the 200-day EMA on Sunday, its price has declined by over 6%.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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