The financial giant ING Bank has concluded a 5-year agreement with the blockchain consortium R3, under which it obtained the right to an unlimited number of licenses to use the corporate platform Corda.
The partnership will allow the Dutch bank to begin integrating Corda distributed applications (CorDapps) into its international business operations. The latter are focused on a range of financial services, including trade finance, customer identification, insurance, and capital markets.
Our longstanding joint journey with R3 has proven that this is the most mature enterprise DLT solution to serve the needs of the financial service industry. Strengthening our partnership, by signing this licencing agreement, marks a huge milestone towards empowering clients to transition to a distributed economy. We are one step closer to deploying live DLT solutions for our clients with the supported infrastructure in place.
Head of Innovation for wholesale banking, ING
In July last year, the R3 consortium announced the launch of the Corda Enterprise platform focused on institutional clients.
In December, R3 announced the launch of the Corda Settler application for international cryptocurrency payments in corporate distributed networks.