British multinational banking tycoon Standard Chartered, with more than $685 billion in total assets, has become part of the Enterprise Ethereum Alliance.
As a part of the Alliance, Standard Chartered stated it would work together with other industry pioneers to strengthen blockchain research and application in the banking sector.
Other banking tycoons like JPMorgan, ING, Citi, and Spanish banking group BBVA, are already part of the Alliance, among 100 others. The Alliance plans to drive the utilization of Ethereum blockchain as an open-standard to enable undertakings.
Standard Chartered said it sees blockchain as “central to banking and commerce in the digital era, so transactions can be verified, secure and processed in real time.”
This isn’t the first blockchain activity by Standard Chartered. The bank is an establishing member of the blockchain trade platform Voltron and recently finished its first global letter of credit (LC) exchange on the platform for the oil industry.
Also, Standard Chartered is an investor in blockchain payments company Ripple. It is additionally co-making blockchain-based supply chain financing arrangements with China-based Linklogis, and a member of cryptocurrency projects by the central banks of Thailand and Singapore.