CULedger latest to join R3 blockchain consortium

CULedger, a credit union service organization (CUSO) focused on distributed ledger technology (DLT), has joined the global blockchain consortium led by enterprise blockchain software firm R3.

Credit Union National Association (CUNA), a not-for-profit trade group serving nearly 7,000 credit unions in the U.S., unveiled the CULedger initiative in 2016. Founding members include CUNA Strategic Services and Credit Union Strategic Partners and with coordination from CUNA, Mountain West CU Association and Best Innovation Group.

CULedger, which joined Hyperledger blockchain project earlier this year, it raised $8.5 million in Series A funding in August 2018.

In February 2018, it partnered with Evernym to launch a new consumer-focused digital identity solution, called MyCUID, which would enable credit union members to protect themselves from financial fraud and identity theft. It is currently rolling out pilot program of MyCUID.

“We are very excited to work with R3 in some capacity. Being part of this vast ecosystem will play a part in our ability to develop additional use cases beyond digital identities for credit unions and their members. We are looking forward to continuing our relationship with R3 as CULedger moves out of the pilot stage,” John Ainsworth, president and chief operating officer of CULedger, said.

R3’s global network counts more than 200 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations, who work together on Corda. It recently launched Corda Enterprise, a commercial distribution of Corda specifically optimised to meet the demands of complex institutions.

“Corda’s unique approach to privacy and security will enable CULedger to develop ground-breaking blockchain-based applications for self-sovereign digital identity and fraud detection. We look forward to working with them to create significant efficiencies for credit unions and their members,” David E. Rutter, CEO of R3, said.