A division of the major Dutch bank ABN AMRO and a mobile trading app are collaborating to offer stock investments using the blockchain.
The bank’s securities investment bank ABN AMRO Clearing Bank and BUX announced today that they have signed a partnership contract to use the bank’s blockchain-based technology in its latest app, called STOCKS.
BUX says the app will be released in summer this year, and will store customers’ money with “ABN AMRO Clearing in an individual blockchain bank account,” using ABN’s Banking as a Service (BaaS) platform.
It should be noted, though, that it’s not a true decentralized and open blockchain, like Bitcoin’s. The BaaS system is “essentially a system that operates in a private (or permissioned) blockchain,” a BUX spokesperson explained to Hard Fork.