ING to start using R3 Corda platform under 5-year agreement

Posted 23 January, 2019

ING, a large Dutch bank, entered into a five-year licensing agreement with blockchain consortium R3 for the right to apply the latter's commercial platform Corda to its business.

R3 announced in the press release that the agreement will grant ING an "unlimited number of licenses" to utilize the Corda platform. This means that ING can use the technology and distributed applications CorDapp in its overseas banking. In particular, CorDapp covers various areas of financial services, including trading, identification, insurance.

R3 CEO David Rutter stated in the press release of January 22:

"ING has been an enthusiastic adopter of blockchain technology and a valued long-term partner to R3."

He also added that the company will get full access to the commercial Corda solution, and "looks forward to seeing how the diverse CorDapp ecosystem can deliver gains in productivity, efficiency and profitability across the bank’s diverse business areas".

According to the ING Corporate Governance Innovation Policy, Anneri Vreugdenhil, the licensing agreement marks a “tremendous achievement” on the path to integrating bank customers into a distributed economy. 

This move will help to secure the required infrastructure, so the bank will progress in approaching the target – implementation of distributed registry-based tools for its clients. 

It should be mentioned that this is not the first collaboration of ING and R3. Last month, IGN and three more European banks negotiated a EUR 100,000 bill using the Corda blockchain platform.

Previous story

23 January, 2019 16:22

← ABN AMRO tests own crypto storage service

Dutch bank ABN AMRO has released a crypto storage service called Wallie. First 500 clients have been already granted access to the service on an experimental basis. The bank intends to provide custody services with the interface commonly used for everyday banking operations. Thus, it became the first bank in the Netherlands that develops tools to work directly with bitcoin. Meanwhile, another Dutch bank Rabobank expressed similar intentions in February 2018.

ABN AMRO tests own crypto storage service

Next story

23 January, 2019 14:00

Huobi about to issue own stablecoin in 2019 →

Huobi Group considers a launch of its own stablecoin in 2019 under its plans for further business development. The company CFO Chris Lee said at the event held in Singapore this Tuesday that Huobi has big plans for this year with the exchange system modernization and further global business expansion. He also noted that the trend of stablecoins will gather pace this year, and Huobi will not stand aside from it.

Huobi about to issue own stablecoin in 2019
Write a comment
 
Prove you’re not a bot + 8 = 14