ING Bank to Sign Agreedment with R3

Dutch bank will begin integrating CorDapps into its international business operations
23 January 2019   788

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.

Annerie Vreugdenhil

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.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   234

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.