Hyperledger Foundation said in a press release that the central banks of France and Nigeria are among eight new members to join the project. The addition marks growing interest among global enterprises and governments to take advantage of the significant potential of blockchain technology.

Hyperledger Foundation Diversifies its User Base with 8 New Members

Hyperledger Foundation, an IBM-backed collaborative project developed to advance blockchain technology, has welcomed eight new members including the Bank of France and the Central Bank of Nigeria, according to its statement. The other six members joining the ecosystem include CasperLabs, BCW Group, DSR Corporation, Realto Group, Digital Identity Laboratory of Canada, and the International Association for Trusted Blockchain Applications.

“As we will see on stage here at Hyperledger Global Forum, the technology and market landscape for open source enterprise blockchain just continues to get more robust. Hyperledger technologies are playing an outsized role in reshaping existing markets and creating new ones.

– Daniela Barbosa, Executive Director, Hyperledger Foundation

The addition of two global central banks to Hyperledger emphasizes the diversity of the ecosystem and its expanding range of enterprise blockchain technologies. CasperLabs’ Chief Technology Officer Medha Parlikar said the Hyperledger Foundation enables blockchains to enhance interoperability through enterprise-grade operations.

“Hyperledger Foundation allows blockchains to improve on interoperability with enterprise-grade operations.”

– Medha Parlikar, co-founder & CTO, CasperLabs

Governments and Enterprises Continue Foraying into Crypto in the face of Market Sell-Off

The arrival of eight new major members at Hyperledger comes at a critical period as many investors have been steering clear of blockchain projects due to a sharp crypto sell-off this year. As such, the move underlines the strong interest among government organizations and enterprises to tackle the opportunities enabled by blockchain technology.

Crypto prices have been battered in the past few months after sky-high inflation and hawkish monetary policy by central banks drove investors from risk assets such as Bitcoin and other cryptocurrencies. Last week, Bitcoin dropped below the $19,000 threshold, just a few days into September, which has been historically the worst month for the crypto market.

But the ongoing crypto winter did not prevent institutional investors and central banks from diving deeper into the crypto market. Last month, the Central Bank of Australia said it is launching a one-year research project to explore the use cases of a central bank digital currency (CBDC).

Similarly, the world’s biggest asset manager BlackRock joined forces with Coinbase to offer crypto services to institutional investors. Further, BlackRock also unveiled a new private trust to allow institutions to gain direct exposure to spot Bitcoin.

This article originally appeared on The Tokenist

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