Danish payments firm Nets has teamed up with digital currency platform Coinify to explore business opportunities in the field of blockchain technology.
Under the agreement, the companies will establish a ‘Blockchain Development Lab’ that will work on developing distributed ledger-based products and services.
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The companies will cooperate with internationally renowned experts in this field of technology to build a set of proof of concepts as the basis for developing specific products and services.
By joining forces, the firms seek to work out how this technology could be applied commercially and within existing regulatory frameworks.
Jan Plenge, senior vice president with responsibility for Digital innovation at Nets, said: "We see potential in blockchain technology, so obviously we need to gain a thorough understanding of it and the possibilities it offers. Coinify is a leader in the development of products based on this technology and we believe they are the right partner to help us investigate the possibilities of developing customer-oriented products and services based on it.
"It is important for Nets to closely monitor new digital technologies to be aware of the possibilities, even if that means blockchain technology could potentially challenge parts of our existing business," Plenge added.
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