Credit Suisse Group and ING Groep have made a deal for 25 million euros through blocking

March 2, 2018

Real transaction through a real blockbuster.

The Swiss Credit Suisse Group and the Dutch ING Groep have successfully implemented a loan deal of 25 million euros.

Transaction of the whole amount was carried out through the block, using the application, HQLAx, which is based on the Corda platform of the R3 provider.

Blokchein became a banking tool

During the transaction, banks exchanged the right to own German and Dutch government securities.

This is one of the first examples of the use of distributed technology used to conduct direct transactions in the capital markets.

Managing Director of R3 Charlie Cooper commented on the event:

"It was much more than proof of concept in a closed lab. … (in this involved) regulated institutions in the real market, and this is a unique demonstration that the solutions of blockrooms operate in commercial terms. "

R3 is a consortium that includes more than 70 banks and is managed by the New York company R3 CEV. In October, he released an updated version of his platform Corda.

Ivars Viersma, head of innovation at ING Wholesale Banking, said:

"This transaction proves progress … in the interests of … society (which) makes the financial industry more efficient and more sustainable," writesCryptovest.

Author: Evgenij Novožilov, Analyst Freedman Club Crypto News

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