Itaú becomes the first Latin American bank to join the R3 Blockchain Consortium

During the last couple of months, a growing number of banks have begun showing a growing interest in the blockchain technology. One such example is the Latin American, Brazil-based private sector bank, known by the name of Itaú.

According to recent reports, the bank has just announced that it has signed a partnership with the R3 Blockchain Consortium, to join the project, and work on developing and implementing Blockchain-based technologies.

In a recent press statement, representatives from the bank stated that: “We have joined the R3 consortium in order to contribute to the international drive for development and implementation of innovative solutions based on distributed ledger technology. We are anxious to operate together with R3 and other financial institutions in Latin America to expand the benefits that distributed ledger technology offers”

The agreement itself is significant as well, considering the fact that Itaú is the largest private sector bank in the region, but also the first company in Latin America to join the R3 consortium, which currently consists of over 40 financial institutions from all around the world including Bank of America, Goldman Sachs, JP Morgan Chase and more.

For those that do not know, the R3 Blockchain Consortium serves the scope of bringing together veterans of the financial market, alongside with blockchain and digital currency specialist, who can collaborate and carry out research, but also engineer new products and services that will shape our world’s financial future.

Based on everything that has been outlined so far, what do you personally think about Itaú joining the R3 Blockchain Consortium? Let us know your thoughts in the comment section below.

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