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

South Korea’s Nonghyup Bank (NH) has partnered with Ethereum infrastructure provider Fireblocks to power a crypto prototype the bank is building. The two companies signed a memorandum of understanding, a non-binding agreement outlining the parties’ intention to collaborate. Using the Fireblocks tokenization engine, the bank will explore integrating digital assets into its VAT and other tax refund processes. This also includes its generation-skipping transfer tax process, which is levied on transfers of capital to future generations. “This MOU marks a key step for NH Bank as we strive to provide innovative blockchain services to our customers,” said President Lee Seok-yong in a statement, adding that the bank is looking to launch more “new digital asset products.” (The Block)