Banking giant Standard Chartered joins Enterprise Ethereum Alliance

British multinational banking giant Standard Chartered, with over $685 billion in total assets, has joined the Enterprise Ethereum Alliance.

As a member of the Alliance, Standard Chartered said it will collaborate with other industry leaders to strengthen blockchain research and application in the banking sector.

Other banking giants such as JPMorgan, ING, Citi and Spanish banking group BBVA, are already members of the Alliance, among 100 others. The Alliance aims to drive the use of Ethereum blockchain as an open-standard to empower enterprises.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Standard Chartered said it views blockchain as “central to banking and commerce in the digital era, so transactions can be verified, secure and processed in real time.”

This is not the first blockchain initiative by Standard Chartered. The bank is a founding member of the blockchain trade platform Voltron and recently completed its first international letter of credit (LC) transaction on the platform for the oil industry.

Standard Chartered is also an investor in blockchain payments firm Ripple. It is also co-creating blockchain-based supply chain financing solutions with China-based Linklogis, as well as is a participant in digital currency projects by the central banks of Thailand and Singapore. 

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.