Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.
“Equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector,” Axis Bank said.
The equity is acquired for a cash consideration of Rs 5 lakh, it said.
DLT, more commonly known as blockchain technology, is a protocol to enable secure functioning of a decentralised digital database. It stores information securely using cryptography.
Stock of Axis Bank traded 2.47 per cent down at Rs 737.45 apiece on BSE.