The card issuer will contribute code and engineers to Hyperledger, which was started by the Linux Foundation in 2015 and has members such as International Business Machines, Airbus Group SE and JPMorgan Chase. In 2016, many banks had joined a consortium called R3 CEV to explore ways to speed financial transactions using blockchain, but meanwhile the group has lost members and companies turned to the Hyperledger, according to Bloomberg.
Before joining the consortium, in 2015, American Express Ventures invested in Abra, which uses blockchain to transfer money worldwide. The company sees blockchain as a “game-changing” technology in banking, particularly digital payments.
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