Share this article
Colombian Central Bank to Test R3 Distributed Ledger Software
Banco de la Republica Colombia, the South American nation's central bank, has officially joined the R3 distributed ledger consortium.
Updated Sep 13, 2021, 6:52 a.m. Published Aug 29, 2017, 3:05 p.m.
Make us preferred on Google
Banco de la República Colombia, the South American nation's central bank, has made an agreement with software company R3 to test its distributed ledger technology, Corda, a press release announced today.
With the news, Banco de la República Colombia becomes the latest member to join the more than 80 financial institutions worldwide that are today part of the consortium. Already, R3 has completed tests with the Monetary Authority of Singapore, though both institutions are arguably now emerging as key early adopters of distributed ledger tech.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Launched in 2015, Corda is an open-source distributed ledger for financial technology, developed by New-York based startup R3.
The news also coincides with a push by R3 to diversify its membership by adding financial regulators and government agencies to the group. Revealed as key to its strategy in May, CEO David Rutter at the time said broader buy-in is needed to expand R3's existing tests.
"Ultimately, our goal is to have the regulators involved from the start, right from the design through the experiment and the pilot and the prototyping," he said.
Though not the nation's financial regulator, Banco de la Republica Colombia is nonetheless backed by the government, which could lead to more widespread support.
Still, in its statements, the organization was short on details on what might be ahead.
Banco de la República Colombia responded: "It is in our interest to evaluate the benefits of this technology for the safe and efficient management of the exchange of securities in the Colombian financial system."
Colombian peso image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token's 30% surge is a story of crypto-traditional market convergence, treasury firm says
HYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
What to know:
- Hyperliquid's HYPE token has surged more than 30% to $33, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.
- The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
- Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade.
Top Stories
