China Merchants Bank has become the latest Asia-based bank to join the R3 blockchain consortium.
The bank, which claims to hold more than ¥2.6tn (roughly $390bn) in assets, has offices in both China and abroad, including one in New York where R3 is headquartered.
In statements, Tianhong Zhou, IT general manager for China Merchants Bank, expressed his enthusiasm for the project, stating that he believes blockchain holds "great potential" for the financial industry.
He added:
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