NEW YORK / SAN DIEGO, Dec. 14, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) and R3, a leading provider of enterprise distributed ledger technology (“DLT”) software and services for the financial services sector, proudly announce their collaboration to offer businesses a groundbreaking Blockchain-as-a-Service solution that enables streamlined and secure digital transformation.

R3 is a pioneer in blockchain technology, known for its flagship platform Corda that was built from the ‘ground up’ for regulated markets, to enable an open, trusted, and enduring digital economy where value is securely exchanged. The collaboration between RYVYL and R3 marks the arrival of a leading-edge Blockchain-as-a-Service platform, “RYVYL Block”, designed to be an innovative and cost-effective solution, simplifying the adoption of blockchain technology for businesses in banking, payments, and high-volume processing environments. RYVYL Block is designed to streamline blockchain integration, offering business customers effortless access to the essential tools and building blocks required to develop a secure distributed ledger infrastructure – featuring rich business APIs and rapid implementation.

This partnership between RYVYL and R3 aims to provide a scalable platform that can adapt to diverse business needs, providing flexibility for seamless expansion and growth. The project will leverage RYVYL's expertise in digital solutions and R3's cutting-edge blockchain technology to ensure smooth integration into existing business frameworks. The goal is to simplify and expedite the adoption process of blockchain for businesses of all sizes, delivering a user-friendly experience. RYVYL and R3 are committed to delivering a cost-effective Blockchain-as-a-Service solution, eliminating significant upfront investments and reducing complexities typically associated with blockchain adoption.

"We're excited about the prospects our partnership unlocks for businesses seeking agile and secure blockchain solutions," said Fredi Nisan, co-founder and CEO of RYVYL. "By merging RYVYL's expertise with R3's leading distributed ledger technology, we're setting a new standard for accessible, secure, and transformative blockchain services."

“R3 has extensive international experience working with regulated institutions across the financial sector. We look forward to partnering with RYVYL to bring the benefits of DLT to businesses of all sizes, enabling them to harness the power of Corda to ensure transparency and security of transactions in an efficient and cost effective manner,” comments David E. Rutter, CEO, and Founder at R3.