R3 And ING Bank Make 5-Year a Deal for Unlimited Corda Blockchain Development

The consortium startup Corda and the Dutch banking group ING have recently decided to make a 5-year partnership for the usage of the Corda blockchain. The announcement was made by R3 and the deal is set to let the ING group use an unlimited number of licenses for the platform.

This way, the bank will be able to use the blockchain technology freely and CorDapps (Corda Distributed Applications) across all kinds of services. CorDapps is used to help in many activities like trading, finances, capital markets and identity.

R3 CEO David Rutter has affirmed that ING will take full advantage of the technology created by the consortium and that the company is looking forward for this partnership so that they can help the bank to achieve better results with more efficiency, profitability and productivity.

Annerie Vreugdenhil, head of innovation for ING, describes the deal as a huge milestone for the company and in the transition for a more distributed economy instead of a centralized one. According to her, the bank is on the verge of deploying DLT solutions for clients which will improve greatly the quality of the banking services.

ING And R3 Have Partnered Before

This is not the first time that these two companies are partnering up. ING, together with Commerzbank, Natixis and Rabobank (all banks from Europe) have used the Corda blockchain last year to make a commercial paper transaction worth $100,000 EUR.

ING has also partnered with R3 in February 2018, when the companies used Corda to complete a proof of concept project together with Commerzbank and BNP.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $246.06B $13,837.3386 20.63% $18.86B
ETH $37.5B $351.5691 14.83% $5.75B
XRP $20.59B $0.4837 3.94% $1.32B
BCH $9.04B $506.3013 7.58% $660.81M
LTC $8.43B $135.1223 2.82% $1.58B
EOS $6.72B $7.3025 4.48% $1.53B
BNB $5.05B $35.8065 -0.28% $269.76M
BSV $4.3B $241.0239 2.93% $272.79M
USDT $3.55B $0.9921 -0.25% $15.06B
ADA $2.63B $0.1012 6.51% $248.72M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.