South Korean NH Bank Joins R3 Distributed Ledger Consortium

South Korea's NongHyup Bank (NH Bank) has joined the R3 distributed ledger consortium.

With the move, NH Bank, a Seoul-based agricultural bank, aims to collaborate with the enterprise-focused group's other members in fostering developments in blockchain technology.

According to a Business Korea report, an official from the the bank said:

"We will acquire technology by joining the consortium and apply it to various sectors of NH Nonghyup Bank such as the financial and economic sectors."

The bank will further propose a pilot project that will look to commercializing blockchain technology in collaboration with fintech firms.

NH Bank is also a part of South Korea's new blockchain consortium, formed last December, which focuses on building tools for managing trade finance processes. Other members of the new group include Dongbu Securities, Yuanta Securities Korea and Kiwoom Securities.

R3's member network consists of more than 160 international members from across various industries, including financial institutions, technology firms, trade associations and others.

Buildings image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Sujha Sundararajan

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.