Financial cryptocurrency consortium R3 Blockchain has expanded with the addition of the National Bank Of Egypt in the Middle East.

The NBE joins well over two hundred financial service firms, central banks, technology companies trade associations and regulators in the global blockchain initiative.

“We can better assess the value this technology can bring to the banking industry and the impact it can have on faster and more cost-effective services to our customers for future implementation,” Hisham Okasha, the chairperson at NBE, said.

The NBE will now be enabled to train its IT staff on R3’s enterprise-grade blockchain platform, Corda. The bank will also be granted access to all technical and research meetings that involve multinational banks and entities.

David E Rutter the CEO of R3 commented that “the addition of the National Bank of Egypt to our ever-growing Corda network enhances our engagement with the global financial industry, particularly in the MENA region. Our partners are developing cutting-edge blockchain applications on Corda that will change the way the world does business.”