With Ping An joining R3CEV the group added more than just a new member – it effectively integrated with a gateway to the world’s second-largest economy. With a $90b market cap, the company has 27 subsidiaries across a wide range of industries, including life insurance, banking and securities. Nevertheless when it came to working with blockchain technology Ping An did not want to do it alone.
R3CEV is a blockchain startup leading a consortium of more than 40 international financial institutions, has announced the completion of a test involving 11 members of the group.
Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo were involved in the experiment, the first by the group to be revealed to the public.
The startup said that the test involved a distributed ledger based on the public Ethereum network but that was hosted on a private network on the Microsoft Azure platform, the tech giant’s previously announced blockchain-as-a-service initiative.