Nets, a payment processing firm that specialises in powering digital payments, has entered into a partnership with leading digital currency platform Coinify by establishing a ‘Blockchain Development Lab’ in order to identify business opportunities in the field of blockchain technology.

“Two of Europe’s biggest players in digital and blockchain payments, Nets and Coinify respectively, are joining forces where Coinify will develop integrated blockchain technology based solutions for Nets”, the official announcement reads.

Under the partnership, the companies will cooperate with internationally renowned experts in the field of blockchain technology, with the objective of developing a number of proof of concepts as the basis for developing specific products and services.

“Nets is the leader when it comes to digital payments in the Nordic region and we are delighted with this new partnership, and believe that, together with Nets, we will be able to develop a number of first-class products and services that will ultimately benefit both merchants and consumers”, said CEO and Co-founder of Coinify Mark Højgaard in a statement.

By joining forces, Nets and Coinify seek to clarify how blockchain technology could be applied commercially and within existing regulatory frameworks, particularly within the same high-level security requirements that Nets already applies to other value transactions.

“We see potential in blockchain technology, so obviously we need to gain a thorough understanding of it and the possibilities it offers. Coinify is a leader in the development of products based on this technology and we believe they are the right partner to help us investigate the possibilities of developing customer-oriented products and services based on it,” says Jan C. Plenge, Senior Vice President with responsibility for Digital innovation at Nets. “It is important for Nets to closely monitor new digital technologies to be aware of the possibilities, even if that means blockchain technology could potentially challenge parts of our existing business. For many years, we have been the ones delivering the latest payment solutions to banks, and we intend to keep it that way, going forward”.