J Ventures, which held one of the first initial coin offerings (ICOs) in Thailand earlier this year, announced a partnership with R3 and Microsoft to support its peer-to-peer lending system. The news indicates that R3’s “DLT Not Crypto” strategy may be evolving.
R3 and Microsoft to Provide Infrastructure for ‘Decentralized Digital Lending Platform’
The Bangkok Post reports that J Ventures signed a memorandum of understanding with R3 and Microsoft to provide technology support for its peer-to-peer lending platform. J Ventures is part of Jay Mart Plc, a Thai holding company with interests in the retail and telecom industries that is publicly listed in the country.
The firm held one of the first successful ICOs in Thailand last February to fund the project, which it describes as a “decentralized digital lending platform.” Investors in the ICO received JFin Coin, which sold for 6.60 baht (around $0.20 USD) during the token sale. It is currently trading at 3.24 baht ($.09 cents) on Thai exchange Coin Asset.
The technology stack provided by R3 and Microsoft, which likely includes R3’s enterprise blockchain platform Corda, will allow JFin Coin holders to validate transactions on the network and receive a portion of the loan fees, according to the Post.
Also on October 17th, R3 inked another deal in Thailand with Accenture and Digital Ventures Co. Ltd. and the Thai conglomerate Siam Commercial Bank.