Fireblocks, an Ethereum infrastructure provider, has been commissioned by Nonghyup Bank to conduct a tax pilot

PANews reported on November 14 that according to The Block, South Korea's Nonghyup Bank (NH) has partnered with Ethereum infrastructure provider Fireblocks to support the crypto prototype the bank is building. The two companies signed a memorandum of understanding, a non-binding agreement between the two parties that outlines their intention to cooperate. Specifically, NHBank will use FFireblocks Tokenization Engine to explore the integration of digital assets into its VAT and other tax refund processes. This also includes its intergenerational transfer tax process, which is levied on the transfer of capital to future generations. In addition to the tax refund pilot, NHBank is also looking to find other "blockchain-driven projects in the NHBank ecosystem and create ways to collaborate with global financial institutions."