One of South Africa's largest banks has joined the global blockchain consortium led by R3CEV.
The partnership is said to include an effort to develop a broader working group within South Africa focused on regional distributed ledger networks, with the goal of creating "the continent’s first distributed ledger-based banking solution".
Andrew Baker, CIO for corporate and investment banking at Barclays Africa, said in a statement:
The consortium has spent the last year both adding new members as well as testing blockchain solutions in trials involving multiple banking participants. R3 announced its own distributed ledger solution, dubbed Corda, in April.
Absa Bank was not immediately available for comment when reached.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.