An initiative between a group of financial institutions and the world’s most publicly used blockchain promises to accelerate the migration of real-world assets onto the distributed ledger.

R3, a UK-based software group which has developed blockchains used by financial institutions including HSBC, Bank of America, Euroclear, and the Monetary Authority of Singapore, has struck a deal with the Solana Foundation that lets its clients issue and settle assets on Solana’s public blockchain. The Foundation will also invest in R3 and take a board seat – an unmistakable vote of confidence in a network better known (until now) for memes and retail-facing apps.