Qatar’s Commercial Bank joins R3’s blockchain initiative

David Rutter, chief executive officer, R3

Qatar’s Commercial Bank has joined forces with R3’s Corda platform with an aim to develop applications and solutions on R3’s Corda platform. This adds to R3’s network of about 300 financial institutions working together on Corda’s platform.

According to the supplier, R3’s Corda platform is a blockchain platform aiming to reduce costly friction in enterprises and the platform facilitates them to transact safely using smart contracts.
Robin Marshall, Chief Information Technology Officer at Commercial Bank, said: “To find out the full potential of blockchain and to use it in day-to-day operations, financial services institutions must work together collaboratively and that is why we have joined R3. Our aim through this partnership is to find new ways to use blockchain technology that will improve the services we offer to our customers at Commercial Bank. Today, people want banking to be fast, convenient, and seamless and that is what we strive to offer.”
Recently, R3’s Corda platform was chosen by SIX with an aim to provide its digital asset listing, SIX Digital Exchange with the underlying blockchain technology. It was also selected by The Wall Street Blockchain Alliance for developing applications and solutions on its Corda platform.
David E. Rutter, CEO of R3, said: “R3 has built a global ecosystem of firms, financial institutions and regulators to unlock the potential in blockchain technology for the enterprise. Welcoming Commercial Bank as a partner is a great opportunity to fresh perspectives. We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform.”
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage. R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.

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