Standard Chartered Joins Enterprise Ethereum Alliance
With total assets exceeding $685 billion, UK multinational banking giant Standard Chartered has joined the Enterprise Ethereum Alliance (EEA).
The EEA is a member-driven standards organization focused on developing open blockchain specifications to enhance global interoperability for businesses and consumers. Supported by the world’s largest developer community and diverse industry leaders, the EEA promotes enterprise-grade Ethereum-based solutions.
Key Objectives as an EEA Member:
- Collaborate with industry leaders to advance Ethereum-based enterprise technologies.
- Establish best practices, open standards, and open-source reference architectures.
- Leverage blockchain for real-time transaction validation, security, and processing.
Dr. Michael Gorriz, Group CIO of Standard Chartered, stated:
"Technology enables us to facilitate trade, improve customer experiences, and deliver innovative services. We’re excited to join the EEA and collaborate on blockchain research and applications in banking."
👉 Why Ethereum’s Enterprise Adoption Matters
Standard Chartered’s Blockchain Innovations
Strategic Blockchain Projects:
- Voltron Platform: Co-founded this open-source blockchain platform to digitize letters of credit (LCs). Recently executed the oil industry’s first blockchain LC.
- Cross-Border Payments: Partnered with Ant Group to launch blockchain-powered remittances between Hong Kong and the Philippines.
- Trade Finance: Collaborated with Siemens Financial Services and TradeIX to develop smart blockchain-based trade guarantees.
CBDC Initiatives:
- Project Inthanon (Thailand): Developing a central bank digital currency (CBDC).
- Project Ubin (Singapore): Exploring DLT for payments and securities settlement.
FAQ Section
Q: Why did Standard Chartered join the EEA?
A: To deepen blockchain integration in banking, enhance interoperability, and co-develop enterprise Ethereum standards.
Q: What is Voltron?
A: A blockchain platform digitizing trade finance processes like LCs, reducing processing time from 5–10 days to under 24 hours.
Q: How does blockchain benefit cross-border payments?
A: Increases speed, reduces costs, and improves transparency via real-time settlement.
👉 Explore Blockchain’s Role in Modern Finance
Conclusion
Standard Chartered’s EEA membership underscores its commitment to blockchain-driven financial innovation. By partnering with tech and regulatory leaders, the bank is shaping the future of secure, efficient digital banking.