Korean banking giant Nonghyup (NH) Bank, which specializes in agricultural and commercial credit and banking services in South Korea, has joined the R3 Blockchain consortium, according to reports from local media.
The consortium researches and develops Blockchain solutions for financial services. The announcement indicates that with the help of R3, the bank intends to implement new technology and initiate new partnerships with Fintech corporations.
According to an official from Nonghyup Bank:
"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 connection is no less important for R3, after a number of bumps in their business plan over the past few months. The lawsuit with Ripple, which recently took a turn for the worse, has left some companies within the consortium feeling that the focus has changed.
However, the addition of Nonghyup Bank, as well as the recent announcement that Amazon Web Services (AWS) chose R3 as its Blockchain access point, should prove positive for the company’s future growth.