British multinational banking giant Standard Chartered, with over $685 billion in total assets, has joined the Enterprise Ethereum Alliance.
As a member of the Alliance, Standard Chartered said it will collaborate with other industry leaders to strengthen blockchain research and application in the banking sector.
Other banking giants such as JPMorgan, ING, Citi and Spanish banking group BBVA, are already members of the Alliance, among 100 others. The Alliance aims to drive the use of Ethereum blockchain as an open-standard to empower enterprises.
Standard Chartered said it views blockchain as “central to banking and commerce in the digital era, so transactions can be verified, secure and processed in real time.”
This is not the first blockchain initiative by Standard Chartered. The bank is a founding member of the blockchain trade platform Voltron and recently completed its first international letter of credit (LC) transaction on the platform for the oil industry.
Standard Chartered is also an investor in blockchain payments firm Ripple. It is also co-creating blockchain-based supply chain financing solutions with China-based Linklogis, as well as is a participant in digital currency projects by the central banks of Thailand and Singapore.