- An XRP commentator has alleged that the Swiss Central Bank is leveraging XRP as a settlement token through the R3 network.
- R3 and Ripple have a working relationship that dates back years leading to speculation that the Swiss Central Bank might explore XRPL and the XRP token.
The XRP community is awash with speculation and excitement about the possibility of the Swiss central bank leveraging XRP as a settlement token. This claim rose following the announcement by Switzerland at the Sibos 2023 conference in Toronto about live transactions with a Central Bank Digital Currency (CBDC) taking place by the end of the year.
Sharing a screenshot on X (formerly Twitter), an XRP proponent going by the name @Rohitku24694375, claimed that the Swiss Central Bank is leveraging XRP as a settlement token through the R3 network. The user highlighted the fact that the R3 company which develops the Corda blockchain, is linked to Ripple, utilizing XRP for instant settlements.
💥SWISS CENTRAL BANK USES R3 CORDA DLT FOR CBDC + R3 CORDA SETTLEMENT CODE WITH XRP 🚀🚀🚀🚀🚀🚀🚀🚀🚀💥 https://t.co/UjwRRQqRq9 pic.twitter.com/tgEYYm8ibI
— ISO 20022…. LET'S DO IT (@Rohitku24694375) October 10, 2023
Although the news had stirred up a lot of excitement in the community, it turned out to be just a rumor. It all stems back to the fact that Ripple has a working relationship with R3 after it launched a huge announcement of R3’s Corda utilizing XRP and XRPL as their first settlement mechanism.
A prominent XRP proponent by the name @Moonchaser2020 on X has revealed that this was only a POC (Proof of Concept) that never fully transpired. In fact, the expert reveals that this ended with a lawsuit and a confidential settlement. All this makes it unlikely that the two companies could be working together.
Interestingly, SBI Holdings (SBI Group) is the largest shareholder of R3 and is invested in Ripple. It currently sits on the board of both R3 and Ripple.
The expert further notes;
I have spoken to those in the know and can definitively say that at this moment in time, R3’s Corda does not use #XRP nor the #XRPL for that matter.
Besides the unavailability of any public information, there is also NO ACTIVITY on the XRP Ledger to back up the R3’s Corda using XRP or XRPL.
This not a matter of trust me bro or FUD. The #XRPLedger is great DLT, so why not speak facts and current projects. There is much for the community to be excited about.
As noted by the analyst, although this partnership has not panned out, over the last couple of years, Ripple has forged hundreds of other partnerships with banks and other major financial institutions. Some of the most notable working partnerships include the Spanish bank Santander, Japanese money transfer provider SBI Remit, and London-based Euro Exim Bank. In addition, Ripple is collaborating with several central banks to help develop their CBDCs. Some of these include Palau, Montenegro, Hong Kong, Colombia, and Bhutan
