TechFlow news, November 14 — According to The Block, NH Bank (NH) has partnered with Ethereum infrastructure provider Fireblocks to support the bank’s development of a cryptocurrency prototype. The two companies have signed a memorandum of understanding, a non-binding agreement outlining their intent to collaborate.
The bank will use Fireblocks’ tokenization engine to explore integrating digital assets into its value-added tax and other tax refund processes. This also includes its intergenerational transfer tax process, which applies to capital transfers to descendants.
“This memorandum of understanding marks a critical step for NH Bank as we commit to delivering innovative blockchain services to our customers,” said CEO Lee Seok-yong in a statement. He added that the bank is seeking to launch more “new digital asset products.”
