This Thursday, the largest bank in the Netherlands, ING, announced it had joined Global Digital Finance. ING has been active within the blockchain space since 2014. Since then, a lot of initiatives have come out of the bank. It has developed a blockchain-based trade settlement utility coin and improved zero-knowledge proof transactions. The bank is currently working on a solution to help financial institutions with the FATF travel rule as well as a custody solution
for digital assets.
Global Digital Finance is a digital assets working group dedicated to standard-setting within the industry. Some big names within the crypto space like Coinbase, Consensys, R3 and Elliptic are already members of GDF.
Initiative Lead at ING, Herve Francois, who will also be involved at GDF as a co-chair for the custody working group, said the following regarding the development:
“I am excited to be personally involved in GDF as Co-chair of the Custody Working Group. We believe that delivering an industry network to support the safekeeping and transfers of digital assets is key to development of any institution grade ecosystem,”
GDF has published multiple codes of conducts on topics like custody, stablecoins, KYC/AML and Security Token Offerings. Additionally, the organization responds to consultation requests from regulators around the world. It is also in close contact with the FATF regarding the travel rule.