IPC enters into new partnership with blockchain consortium, R3
IPC, a leading U.S. based trading tech service provider has joined hands with R3, a blockchain technology powered software association. On 3rd December, this announcement has shed light on the purpose of the new tie-up, which involves supporting Corda blockchain network on IPC’s Connexus Cloud platform. The Cloud solution with high performance in financial market scenario for data, voice and compliance will now be used to access Corda blockchain or decentralised applications, dubbed as CorDapps.
This accessibility to R3 Corda Networks via the Connexus allows the IPC customers to use R3 Corda nodes in any cloud platform, be it hybrid, private or public with immediate accessibility over the existing connectivity of the network. R3 Networks operates as user communities for blockchain based applications. However, the Connexus Cloud is particularly designed to inculcate performance based features and closed community model meant for blockchain deployments.
The Connexus Cloud
The Connexus Cloud is globally well-spread with its connectivity exceeding 6,600 capital market participants and having the presence across 60 counties. The Cloud platform also brings together inter-dealer brokers, energy firms, clearing or settlement firms, sell-side and also buy-side firms.
Its connectivity to liquidity venues comprise more than 80 percent of the total GDP across the globe that includes accessibility to the markets of Turkey, China, South Korea, Vietnam, United Arab Emirates, Russia and Taiwan. “The financial industry interest in blockchain has significantly increased in recent years, with continuous growth of investment to support this emerging technology,” said Robert Coole, Director of Product Management at IPC.
Lately, in a rather unique development which might serve as an endorsement for the blockchain technology, 26 companies, and 5 major banks have completed the Know-Your-Customer (KYC) requirements on R3 Corda’s blockchain. members of the R3 consortium, RCI Bank and Services participated in the POC that the firm organized around customer knowledge in France.
A total of 26 institutions participated in this test which consisted companies from sectors as diverse as retail, food industry, pharmaceutical, insurance, consulting, aeronautics, and automotive who worked with 5 French banks to test the solution.
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