Large Korean bank joins R3 Blockchain Consortium

Tuesday 12 December 2017 13:12 CET | News

South Korean Nonghyup (NH) Bank has joined the R3 Blockchain Consortium, according to reports from local media.

NH is a large Korean banking company, specializing in agricultural and commercial credit and banking services in this region. The announcement indicates that with the help of R3, the bank intends to implement DLT technology and initiate new partnerships with fintech corporations. The bank aims to apply consortium’s technology to various sectors of NH Nonghyup Bank such as the financial and economic sectors.

The connection is no less important for R3, after a number of bumps in their business plan over the past few months. The lawsuit with Ripple, which recently took a turn for the worse, has left some companies within the consortium feeling that the focus has changed, according to CoinTelegraph.

However, the addition of Nonghyup Bank, as well as the recent announcement that Amazon Web Services (AWS) chose R3 as its Blockchain access point, should prove positive for the company’s future growth, the online publication continues.

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Keywords: Nonghyup Bank, R3, blockchain, blockchain consortium, South Korea, fintech
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies