India’s ICICI, Axis and HDFC Bank Take Stakes in Blockchain Start-Up IBBIC: Report

India’s ICICI, Axis and HDFC Bank Take Stakes in Blockchain Start-Up IBBIC: Report

Three of India’s biggest private lenders, ICICI Bank, HDFC Bank and Axis Bank have taken stakes in the blockchain financial technology firm IBBIC, according to The Hindu.

  • HDFC Bank and Axis Bank each acquired 50,000 shares, a stake of about 5.55%, for 500,000 rupees ($6,700), The Hindu said, citing stock-exchange filings.
  • ICICI Bank has 49,000 shares, or 5.44% of the company. The company paid 490,000 rupees ($6,600).
  • Launched in May, IBBIC platform offers distributed ledger technology for the Indian financial services sector.
  • Source