UK Cooperative CEO Calls New R3 Corda Network Next-Generation Bitcoin

Sunday 25 October 2020, 3:26 AM AEST - 1 month ago


The chief executive officer (CEO) of Cordite Society Limited Richard Crook calls the new R3 Corda crypto-asset XDC next-generation bitcoin.

Cordite Society Limited, a United Kingdom-registered cooperative made of former bankers, has touted their new token XDC as an improvement upon the shortcomings of early crypto-assets. XDC is built upon the Public Corda Network, an open-source blockchain developed by distributed ledger technology (DLT) focused R3.

Crook, a former executive at the Royal Bank of Scotland, told CoinDesk in an interview that XDC has been built from scratch to satisfy the demands of international regulators, including the Financial Action Task Force (FATF).

He said,

Regulators have set the requirements for what a digital currency needs to be, and thats exactly where XDC fits in. It meets the requirements of most jurisdictions as a digital currency and is therefore a step ahead. Were a next-generation Bitcoin or XRP.

He continued, saying XDC was designed to meet the basic functions of money and called the new token a next-generation bitcoin or XRP.

Crook also explained that XDCs code will provide opportunities for central bank digital currencies (CBDCs) to run on the Corda blockchain, in addition to an expansion fo decentralized finance (DeFi).

He highlighted the complexity of know-your-customer demands in finance and said XDC was poised to bridge the gap between user privacy and regulatory compliance.

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