NongHyup Bank has formed a consortium for the development of blockchain in financial services

NongHyup Bank has formed a consortium for the development of blockchain in financial services

South Korean bank NH NongHyup Bank has announced the creation of a consortium in partnership with a local law firm and a blockchain lab to develop financial services based on digital assets.

According to the Korea Herald, the bank has signed a memorandum of understanding with the law firm Bae, Kim & Lee, and developers of systems based on the Hexlant blockchain. The consortium also plans to research and develop solutions for creating cryptocurrency exchanges.

Due to the fact that the National Assembly of South Korea legalized cryptocurrencies in March, digital asset exchanges have become noticeably more popular in the country. NongHyup Bank plans to use its resources to take a leading position in the local cryptocurrency ecosystem.

“Thanks to the consortium, we will make every effort to lead the local cryptocurrency industry,” said Jang Seung – hyun, Senior Vice President of NH NongHyup Bank.

According to South Korean law, cryptocurrency exchanges must report to the local financial intelligence service. The consortium plans to develop a blockchain-based solution to automate the collection and provision of reports.

In February, it was reported that NongHyup Bank and mobile operator SK Telecom have implemented a blockchain-based mobile identification system developed by the Initial DID Association consortium.

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