ING and HQLAx have been working together for several years. In 2018, the 2 entities exchanged 25 million euros in liquid assets using the application HQLAx on the DLT platform Corda of R3.
In a press release, the financial institution said it had invested in the start-up, but did not disclose the amount of the transaction.
The successful commercial launch of HQLAx is an important step for the implementation of the blockchain in the securities lending market and proof that blockchain can bring tangible benefits to the industry, "added Mariana Gomez de la Villa, head of the ING blockchain team.
HQLAx allows market players to redistribute their guarantees by exchanging ownership of tokenized securities via the platform Corda in order to remove obstacles to settlement and improve the fluidity of guarantees.
This makes it easier, faster and more efficient to manage cash, ”said Gomez de la Villa.
ING has a keen interest in technology blockchain and its uses. In December, report said bank also launched initiative to develop technology conservation for the digital assets.
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