India’s big fifteen banks have invested into fintech firm that intends to utilize blockchain to accelerate letters of credit and administrative filings to the National Stock Exchange of India show.
The major investors are HDFC Bank, ICICI Bank, and Axis Bank. These three banks hold the assets of around $500 Billion, which is around 35 Trillion Indian Rupees.
The other major banks that invested are Kotak Bank, IDFC Bank, Yes Bank, Federal Bank, and others. Along with this, the State Bank of India, the Indian Bank, and the Bank of Baroda are three Government banks that are on the list.
The move comes amid India’s progressing cryptocurrency guideline adventure. One of the banks that has joined the task, ICICI bank, cautioned clients against utilizing its worldwide settlement administrations for moving cryptocurrency or virtual Currency only a few weeks back.