On July 17, 2017, the Chamber of Digital Commerce (Chamber) announced that Toronto-based multinational banking and financial service provider TD Bank Group will be joining its executive committee. According to the release, TD became a member to promote growth and a solid legal environment for digital assets and related technologies that in the long run will foster innovation, jobs, and investment. According to Chris Owen, vice president of Enterprise Shared Platforms - Blockchain at TD, the move will create tremendous opportunities for the organizations:
"There is no denying that there is a tremendous opportunity to apply blockchain technologies in the world of finance, to provide better, more secure and more economical banking services. However, unlocking this potential will take collaboration and we look forward to working with the Chamber and its members to nurture this thriving ecosystem and accelerate the adoption of blockchain technology."
Since its inception in 2014, the Chamber has been active to promote the blockchain and cryptocurrency industry. Most recently, the advocacy group held a Blockchain Education Day event in Washington, DC, in which members of Congress mingled with representatives from more than 70 leading companies in the blockchain industry to promote the use of new innovations like blockchain and distributed ledger technology. In addition, the Chamber has recently asked the Financial Accounting Standards Board to address accounting standards for digital currencies.
The inclusion of multinational financial leader TD will extend the Chamber’s influence in Canada and globally as the organization pursues the mass adoption of digital assets and blockchain technology. As of April 2017, TD has recorded over CAD 1.3 trillion in assets and has close to 11.5 million active online and mobile users. Additionally, the firm is actively investing in the financial service technology industry. In May 2017, TD participated in the “world’s largest distributed ledger technology (DLT) investment to date” and helped secure $107 million in a Series A funding round for global financial consortium R3.
President of the Chamber Perianne Boring looks forward to a bright future with TD:
"We are excited to welcome TD as our first Canadian bank to the Chamber's Executive Committee. TD thought leadership is greatly valued as we work together to improve the global financial system with blockchain and distributed ledger technology."