Credit Suisse, ING send USD 30 million in securities using blockchain

Friday 2 March 2018 10:05 CET | News

Credit Suisse and ING have announced they have successfully sent securities worth EUR 25 million over a blockchain-powered platform.

Credit Suisse said it completed the live securities lending transaction with Dutch bank ING, adopting a collateral-lending blockchain application co-developed by a financial resource management company HQLAX and enterprise blockchain consortium R3, according to CoinDesk.

The application, built on R3’s Corda distributed ledger platform, enables the two banking groups to swap legal ownership of Dutch and German government securities in a more efficient manner than with traditional systems. According to a previous release, HQLAX launched the application in April 2017, in a joint effort with R3 and five of its member banks, including Credit Suisse and ING, the online publication adds.

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Keywords: Credit Suisse, ING, Corda, R3, DLT, blockchain, securities, bank
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3