Scotiabank & Mastercard Become Members Of The EEA

Scotiabank & Mastercard Become Members Of The EEA

Mastercard, Cisco and Scotiabank have reportedly joined the Enterprise Ethereum Alliance (EEA) that is now witnessing the participation of 34 new memb

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Mastercard, Cisco and Scotiabank have reportedly joined the Enterprise Ethereum Alliance (EEA) that is now witnessing the participation of 34 new members.

The EEA tries to connect between businesses and Ethereum subject matter experts. The goal is to “define enterprise-grade software capable of handling the most complex, highly demanding applications”, as finextra.com wrote in a recent article.

Proposed by Vitalik Buterin, a cryptocurrency researcher and programmer, Ethereum is reportedly an open-source, public, blockchain-based platform that has a smart contract functionality. Large companies have recently expressed an increasing interest in Ethereum, which could host their internal processes, according to the publication.

The EEA initiative has received support from big banks like JP Morgan, CME Group, BNY Mellon and Banco Santander since its launch in February. The coalition is now boasting with 150 members coming from the corporate sector.

Mastercard and Scotiabank will join the other financial services companies that are already taking part in the project. According to finextra.com, the list of prominent industry organizations features The DTCC, Alpha Point, Broadridge, Rabobank, ING, Mitsubishi UFJ, National Bank of Canada, San Francisco Stock Exchange, State Street Emerging Technologies Center, Taishin Financial Holdings and the Taiwan Fintech Association and more.

Speaking to the online media, Julio Faura, chairman of the board, EEA, commented:

“EEA’s rapid growth in membership mirrors the accelerating acceptance and deployment of Ethereum blockchain solutions in the global marketplace.”

“The technological breadth, depth and variety of organizations coming together under the auspices of EEA to create and drive enterprise Ethereum standards bodes well for the future development of the next-generation Ethereum ecosystem.”, as explained.

It is to be seen how the ecosystem will develop into the future.

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