South Korea’s NH Bank Joins R3’s Blockchain Consortium
South Koream bank NongHyup Bank (NH Bank) announced that it is now a part of blockchain firm R3’s distributed ledger consortium.
The consortium, which contains over 150 international members including many banks, such as Bangkok Bank, Barclays, BBVA, Bladex, BNP Paribas, Commerzbank, CTBC Bank, ING, Intesa Sanpaolo, Shinhan Bank, the Royal Bank of Scotland and Wells Fargo.
The consortium was created to develop DLT and blockchain technology for financial services application.
Regarding its joining R3’s consortium, Seoul-based NH Bank released a statement on Monday to Business Korea that said:
We will acquire technology by joining the consortium and apply it to various sectors of NH Nonghyup Bank such as the financial and economic sectors.
Based in New York, R3 works with over 80 banks and other financial institutions to develop, its distributed ledger platform Corda. With offices across 9 countries, it recently completed two of the three tranches in a Series A fund raise valued at $107 million.
Read more at Coinbase and BusinessKorea.
