Ping An Insurance Group is Chinas first financial firm to join the group. Ping An has a number of business directions, working in the insurance, banking and personal finance sectors.
R3CEV is headquartered in New York and includes members from Asia, Europe and North America. Jessica Tan, chief operating officer for Ping An Group, suggested that the Shenzhen-based company is most interested in using the technology to facilitate transfers of digital assets according to coindesk.com.
Ping An addition to the consortiums ranks comes to support R3s development projects. In April 2016, the startup unveiled Corda, a blockchain-inspired technology application, that re-imagined distributed ledgers from the ground with an eye to exchanging contracts as opposed to assets.
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