R3 Consortium on a Canadian flag

Canadian Credit Union Coalition Joins Forces with the R3 Blockchain Consortium

Jul 18, 2018, 8:15PM
1 min, 51 sec READ

The Large Credit Union Coalition (LCUC) joins R3's consortium to deliver the innovative Corda blockchain to Canadian financial institutions.

R3, an enterprise blockchain software firm, announced on July 17 that the Canadian Large Credit Union Coalition (LCUC) will be the latest member of its global blockchain ecosystem consortium. LCUC is a group that counts the 16 largest Canadian credit unions among its members and represents $125 billion in assets. The LCUC will join forces with the more than 200 existing R3 members, which include financial institutions, regulators, trade associations, professional services firms, and technology companies.

LCUC’s aims to bring state-of-the-art technologies to Canadian credit unions by implementing R3’s blockchain platform, Corda. Corda is an open-source, enterprise-grade blockchain on which every member contributes the expertise of its IT specialists, towards the development and improvement of the project. 

David E. Rutter, CEO of R3, said about the new member,

Canada is a hub for blockchain innovation and remains a key market for R3. We are pleased to welcome LCUC on board and look forward to working with its group of CIOs to enrich the services offered to their members with Corda’s unique enterprise-focused blockchain technology.

Similarly, Yves Auger, CIO at Servus Credit Union, expressed his excitement about joining the consortium via LCUC,

The LCUC is thrilled to be working with R3 and exploring the distributed ledger technology space more closely, building on some of our members’ successes with the technology. The wealth of knowledge and possible use cases we can dive into in short order were among some of the key reasons we felt partnering with R3 was the right choice for us.

Corda Enterprise

Earlier this month, R3 launched a commercial version of Corda, called Corda Enterprise. The new product will be tailored to the demands of the most complex institutions, regardless of the industry, size, and stage of development. It offers full interoperability as all its applications and services run on a common layer of identity, consensus, and governance. Its most significant advancement is the world’s first blockchain-based application firewall, introduced by Corda, to enable secure communication between nodes and corporate data centers, which is a critical requirement for enterprises.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.