Credit Suisse and ING Group Transfer Securities Worth €25m via Blockchain

[kreslik.news]

Zurich-based financial services company Credit Suisse and Amsterdam-based ING Group announced in a press release that they have successfully transferred a financial product worth 25 million euros between themselves using blockchain technology.

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In a development that the release called “groundbreaking”, legal ownership of Dutch and German government securities were swapped between the two financial services companies, “while the underlying securities remained static within unique DCR-linked custody accounts”.

The activity was executed on the R3 Corda blockchain using an application created by a company called ‘HQLAX’.

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