R3 beats Ripple with launch of new DLT solution for financial markets

Rick Steves

With this new launch, R3 may be leaving Ripple further behind.

R3, a prominent enterprise in distributed ledger technology (DLT) and services, has unveiled R3 Digital Markets, a new suite of digital solutions.

This launch marks a major step in facilitating the adoption and value realization of digital assets and currencies. The suite aims to equip firms for the future of regulated markets, covering the spectrum from initial exploration to full-scale production.

With this new launch, R3 may be leaving Ripple further behind. The firm announced Corda Payments in 2022, and now the newly launched product enables interaction across networks and banking systems for continuous settlement, as well as tokenization solutions and digital asset exchanges, and integration with all DLT networks.

In the meantime, Ripple continues stuck with the XRP lawsuit against the SEC. The hostile regulatory environment seems to have led the blockchain company to postpone its IPO plans, despite reportedly being valued at $11.3 billion.

R3 Digital Markets to connect financial markets

R3 Digital Markets, leveraging R3’s Corda, a leading regulatory-compliant tokenization platform, is designed to connect financial markets, drive efficiency, cost reduction, and safe DLT integration into core business operations.

Corda’s existing deployment across numerous institutions like SIX Digital Exchange (SDX), ABI Lab (Spunta Banca DLT), and Euroclear D-FMI underscores its market significance. Its emphasis on interoperability highlights a commitment to avoiding isolated systems and ensuring effective management of both digital and traditional assets.

The R3 Digital Markets product suite includes:

R3 Digital Currency, which manages the entire lifecycle of digital currencies, including CBDCs and tokenized deposits. It enables interaction across networks and banking systems for continuous settlement.
R3 Digital Assets, offering lifecycle management tokenization solutions and digital asset exchanges. This facilitates quick and robust construction for the issuance, listing, trading, management, and custody of assets.
R3 Digital Connect, ensuring smooth integration of classic systems with all DLT networks, promoting financial market interoperability.
R3 Digital Lab, a cloud-based collaborative lab handling custom use cases and providing support and education for launching DLT projects without complex infrastructure.

“R3 is laser-focused on progressing capital markets infrastructure”

David E. Rutter, CEO and Founder at R3, said: “R3 is laser-focused on progressing capital markets infrastructure. We’re designing long-term solutions for a seamlessly connected financial world. Corda built the foundation for this, as the only production-ready enterprise DLT solution built for regulated markets. With the launch of R3 Digital Markets, we’re further progressing Corda’s mission to unlock the true potential of digital currencies and digital assets, bringing unparalleled value to economies as they digitize.”

R3 has appointed Kate Karimson, a seasoned leader in financial technology and capital markets, as the Chief Commercial Officer to oversee this rollout. Karimson joins R3 following leadership roles at CME Group, BrokerTec, ICAP, and LedgerEdge.

“I’m excited to join the exceptional leadership team at R3. R3 has been at the forefront of digitizing and shaping financial markets for almost a decade. Building DLT products and solutions is a complex challenge, and R3 Digital Markets is all about bringing together the experience of R3 and the foundations of Corda to modernize infrastructures and lay the groundwork for regulated networks that are not built in silos. R3 Digital Markets builds on the success of Corda by further removing barriers to entry for firms looking to build innovative DLT solutions, so they can prepare for the future of digital finance,” said Karimson.

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