Credit Suisse Group AG (CSGN.S) and ING Groep NV (INGA.AS) have officially completed a blockchain-powered securities lending transaction of $ 30.48 million — illustrating the obvious utility Bitcoin’s underlying technology has in the world of traditional banking.
Banking on the Blockchain
According to Reuters, the transaction between Credit Suisse Group AG and ING Groep NV involved “swapping baskets of securities through an application from financial technology company HQLAx built with a type of blockchain created by bank consortium R3.”
This trade represents a milestone of sorts for blockchain technology, as traditional financial institutions look to incorporate cryptocurrency’s underlying technology for their own uses — before digital currencies like Bitcoin undermine their status.