DBS Bank Joins Hedera Hashgraph Governing Council

Singapore’s largest bank, DBS Bank, has become the first in Southeast Asia to join the Hedera Hashgraph Governing Council.

\”As the first and only bank in Southeast Asia to join the Governing Council, @dbsbank will explore further opportunities and potential use cases to leverage the vast potential of #blockchain and #DLTs as it continues to reimagine the future of banking.\” https://t.co/I11A53TMoq

— Hedera (@hedera) October 27, 2021

DBS Bank sits on the council alongside 39 others major enterprises and organisations, including Boeing, Google, LG Group, Nomura Holdings, Deutsche Telekom, Tata Communications, and the London School of Economics and Political Science.

The aforementioned organisations run the network nodes. They also participate in Hedera Testnet, enabling developers to test its capabilities.

Governing Council terms last three years, with the possibility of renewal for two terms.

The Governing Council was formed in February 2019 by a handful of Fortune 500 representatives to monitor changes to Hedera Hashgraph’s software. In the autumn, the beta version of the project’s main network was publicly launched, with a stated throughput of 10,000 TPS.

As reported in September 2021, the Governing Council approved a plan to allocate 10.7 billion HBAR tokens to stimulate projects for the development of the network ecosystem.

Subsequently, the consortium behind USD Coin, Centre, launched a stablecoin on the Hedera Hashgraph blockchain.

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