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

All three have holdings in excess of 5% in the company, which develops distributed ledger technology products for Indian financial services.

Updated Sep 14, 2021, 1:31 p.m. Published Jul 27, 2021, 2:59 p.m.

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.

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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, the IBBIC platform offers distributed ledger technology for the Indian financial services sector.

India Funding ICICI Bank Axis Bank

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.