The Large Credit Union Coalition (LCUC), an alliance that unites the chief information officers (CIOs) of the 16 largest credit unions in Canada, became part of the blockchain consortium led by New York-based R3. LCUC, whose firms total $125 billion in assets, has the mission to explore new technologies that can add value to the Canadian credit union space. The coalition will become part of R3’s blockchain group that can boast with 200 entities, such as financial companies, trade associations, regulators, tech firms, and professional services companies.
As part of the blockchain consortium, LCUC will have the occasion to explore and implement R3’s platform called Corda. The system has been developed from scratch to fit the needs of the sophisticated and regulated financial markets. It includes a variety of applications for trade and finance. Last week, R3 released the commercial version of its Corda platform.
R3 CEO David E. Rutter commented on the new partnership:
“Canada is a hub for blockchain innovation and remains a key market for R3. We are pleased to welcome LCUC on board and look forward to working with its group of CIOs to enrich the services offered to their members with Corda’s unique enterprise-focused blockchain technology.”
Yves Auger, CIO at Servus Credit Union, part of the LCUC, stated:
“The LCUC is thrilled to be working with R3 and exploring the distributed ledger technology space more closely, building on some of our members’ successes with the technology.”
Last week, sources familiar with the matter revealed that R3 was planning an initial public offering (IPO) to raise funds. However, R3 denies such rumors. Earlier, the blockchain developer published a post signed by the CEO to deny rumors spread by former employees that the company had been out of money.
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