The Wall Street Blockchain Alliance will partner with R3 to develop solutions on their Corda blockchain platform.
The Wall Street Blockchain Alliance (WSBA) has joined blockchain consortium R3 to develop applications and solutions on their Corda platform, a Feb. 5 press release reports.
According to a statement made by the CEO of R3, David E. Rutter, the WSBA and R3 will collaborate in order to “advocate a strategic approach to collaborating with regulatory bodies so that financial markets, and beyond can gain the full benefits of blockchain’s capabilities.”
The WSBA is a non-profit trade association that promotes the general adoption of blockchain technology and crypto assets across international markets.
R3, an enterprise blockchain software firm with over 300 partners, has developed Corda, an open-source blockchain platform for both the private and public sectors across multiple industries. Corda is a blockchain platform that allows for institutions to transact directly with the usage of smart contracts while ensuring their user’s privacy and security.
In mid-January, R3 announced the launch of its Corda Network, with non-for-profit organization the Corda Network Foundation responsible for its operations.
On Jan. 30, Cointelegraph reported that Japanese financial company SBI Holdings would also partner with R3 as they aim to help them develop the local use of Corda blockchain on their platform.
Also at the end of January, major global banking payments network SWIFTrevealed its plans to develop a Proof-of-Concept gateway that would allow R3 to link to the SWIFT Global Payments Innovation payments from their platform.
SWIFT using XRP unlikely even after Corda test phase
Bull momentum building up as transactional volumes increase
After impressive gains, candlestick arrangement supports XRP bulls. To that end we expect bull momentum to build up as uncertainty around SWIFT using XRP after Corda test phase mills.
Ripple Price Analysis
A level deeper and the excitement around the newfound, indirect partnership between Ripple and SWIFT through R3’s Corda Settler will subside. After a technical review, it is apparent that SWIFT GPI Link is, in fact, a direct competitor or Ripple’s xCurrent with end-to-end tracking capabilities.
While SBI Holdings and Yoshitaka Kitao may be pulling string–SBI Group has investments in both companies, Corda Settler, it appears, will only act like any other “Layer 2” router. A layer that will facilitate cross border payment between these two networks. That is despite their supporting XRP. After all, it can support any other cryptocurrency—even XLM—”Settler will be open to all forms of crypto and traditional assets.” Nothing is exclusive.
The Proof of Concept is in progress, but at the end of the day, both companies will be advancing their solutions. Everything else constant, a scenario where SWIFT GPI Link and SWIFT in particular use XRP is highly unlikely.
On the charts and XRP prices are cooling off. Despite double-digit gains of Jan 30, there has been no follow through, and prices are overly stable. All the same, we are bullish. Even if there are counter-arguments around XRP, SWIFT, and Corda, candlestick arrangement points to bulls.
Like before, we shall trade in line with our previous XRP/USD trade plans. That means, before we recommend longs, there must be a full close above 34 cents. That’s not all. Confirmations that trigger risk-off long traders must have the support of high trade volumes. These volumes should preferably exceed recent averages of around 17 million.
Only then shall we suggest buys on dips. First modest targets will be at 40 cents and later Dec 2018 highs at 60 cents. Before then, our optimism stems from the double bar bull-reversal pattern printing after yesterday’s upswings.
Although it would have been ideal for yesterday’s volumes to exceed those of Jan 10—83 million, there is a shift of momentum. After a clear high-volume bull bar—49 million versus 17 million averages, there is a propensity for traders to “jump in.” However, patience is needed. Prices must first rally above 34 cents confirming yesterday’s bull bar preferably with transactional volumes exceeding Jan 28’s 31 million.
Distributed ledger technology provider R3 has carried out an extensive internal reorganization, resulting in the departure of two members of its management committee, CoinDesk has learned.
Brian McNulty, a managing director and head of global services, and Lauren Carroll, chief administrative officer, are leaving the company, R3 told employees at town hall meetings Friday, according to people familiar with the situation.
An R3 spokesperson confirmed the internal reorganization, which he said will include an expansive hiring program for 2019, but declined to comment on individual staff departures. Neither McNulty nor Carroll answered requests for comment by press time.
McNulty joined R3 in March 2016 when the start-up was busy onboarding consortium member banks. He had previously founded the PTDL (Post Trade Distributed Ledger) Group, a rival blockchain group which numbered around 40 members including CME Group, State Street Bank and the London Stock Exchange.
Carroll was formerly in-house counsel at ICAP before transitioning into business management roles at the electronic trading firm.
New team structure
As part of the reorganization, co-founder Todd McDonald will run a new “design” team that combines all of R3’s product and marketing efforts, according to a memo CEO David Rutter sent the company’s roughly 200 employees after Friday’s town hall meetings.
Product management was previously in the same division as engineering, which Richard Gendal Brown will continue to lead.
The memo also outlined several other changes:
Chief engineer James Carlyle will run a new “production” team dedicated to supporting the deployment of R3’s technology at client companies.
The general counsel’s office has been merged with external affairs and placed under Charley Cooper, who has long overseen regulatory affairs and public relations for R3.
Chief of staff Zack Kavanaugh assumed added responsibilities for recruiting, HR and business resources.
A search is underway for a chief revenue officer (CRO) to lead the sales team. As CoinDesk reported earlier this month, Scott Grayson, R3’s former chief sales officer, left in September and recently joined the blockchain services firm AlphaPoint.
In June 2018 R3 had to field media speculation that the company was running short of funds. More recently, a legal dispute with Ripple concerning a contract to purchase five billion XRP tokens was resolved.
Image: R3 founder David Rutter at Consensus, from CoinDesk archives
Quoting local news outlet Nikkei, the report reveals that SBI, which is involved in multiple cryptocurrency and blockchain-related activities, will expand on its existing investment in R3 to create a “joint venture” aimed at promotion.
“Europe is the most advanced in blockchain product development,” R3 CEO David Rutter told Nikkei in an interview:
“The new joint venture will strengthen the Japanese language service, and promote adoption.”
The company added its R3 partnership would extend beyond Japan to cover the wider Asian space.
R3 focuses on using Distributed Ledger Technologies (DLT), such as blockchain, to facilitate efficiency increases primarily for banking partners. Based in the United States, the startup has clients throughout the world, which currently number around 200.
The U.K.’s national land registry is moving into the second phase of its ongoing blockchain research effort.
The HM Land Registry announced Tuesday it was partnering with blockchain company Methods, which plans to build on R3’s Corda framework to develop a platform able to store land registration information and streamline the process for buying or selling properties, according to a press release.
Dubbed Digital Street, the HM Land Registry’s research began last year when it first announced the project. In addition for its desire to streamline the buy-sell process, the agency said it hoped to store more “granular information” using a blockchain platform.
In a statement Tuesday, HM Land Registry Chief Executive Graham Farrant said the agency aims to become “the world’s leading land registry,” citing “speed, ease of use and an open approach to data” as areas he wants to excel at.
“By working with Methods on Digital Street we are taking another step toward that goal, as we explore how new technologies like blockchain can help us to develop a faster, simpler and cheaper land registration process.”
R3 CEO David Rutter said the company “looks forward to working with the world’s most well-recognized land registry.”
Like Farrant, he noted the technology’s potential to make transactions more efficient, and said R3 would be “working closely” with the Land Registry to “turn this potential into reality.”
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