In a pilot, Citi used smart contracts to serve the same purpose as bank guarantees and letters of credit working with shipping company Maersk and a canal authority.
Aegis Custody Clears Hurdle in Bid for South Dakota Trust Charter
Aegis Custody wants to build a tokenized bridge between U.S. investors and trade finance opportunities in Asia.
Indian Trade Finance Startup Raises $3.7M in Token Sale Led by Arrington XRP
Persistence has closed a $3.7 million token round led by Arrington XRP Capital and including Alameda Research, Terra and others.
World’s Biggest Mining Firm Makes First Ore Trade on a Blockchain
BHP has completed its first trial trade transaction of iron ore with China’s Baosteel using blockchain technology.
MakerDAO Weighs Accepting Real-World Assets as Crypto Loan Collateral
Decentralized finance (DeFi) may soon boast a real-world use case as MakerDao considers accepting freight invoices as collateral for DAI loans.
IBM Takes 7% Stake in Trade-Finance Blockchain Network We.Trade
IBM has become a shareholder in we.trade, the blockchain-based trade-finance platform jointly owned by 12 European banks.
Standard Chartered Claims First Yuan-Based Letter of Credit Issued on a Blockchain
The bank said the blockchain letter-of-credit transaction – between mining giant Rio Tinto and Chinese firm Baosteel – was the first to be denominated in yuan.
Vietnam’s HDBank Taps Blockchain Network to Streamline Bank Credit for Corporates
The bank has signed up to a blockchain-based trade finance network from Contour with the aim of bringing corporate settlements into the digital realm.
China Injects $4.7M into Central Bank’s Blockchain Trade Finance Platform
Thirty-eight banks have started using the platform since it entered the test phase in September 2018.
Accenture Will Board Corporates Onto Marco Polo Shipping Blockchain
Accenture plans to help TradeIX create new use cases beyond banking for buyers and sellers within trade finance after backing the Marco Polo tech partner.
BNY Mellon Aims to Go Live ‘ASAP’ on Trade Finance Blockchain Marco Polo
Bank of New York Mellon has joined the Marco Polo trade finance consortium running on R3’s Corda, becoming the 28th bank to do so.
DBS Bank Partners with Singapore Government to Launch Blockchain Trade Platform
Asian banking giant DBS and multinational commodity trading firm Trafigura Group are tapping blockchain to facilitate global trade.
Japan’s Third Largest Bank Completes Blockchain Trade Finance Test
The third largest bank by assets in Japan, is set to begin utilizing R3’s Marco Polo trade finance blockchain on a commercial basis by the end of 2019.
Banking Giant UBS Goes Live on We.Trade Blockchain for Trade Finance
Swiss financial giant UBS has started full-fledged transactions on we.trade, a blockchain-based trade finance platform that’s seeing growing adoption.
Daimler Carries Out First Transaction on Marco Polo Blockchain Trade Network
Automaker Daimler has carried out its first commercial transaction on the blockchain-based Marco Polo trade finance network.
Bank of America Joins Marco Polo Blockchain Trade Network
The sixth-largest U.S. company has joined Marco Polo, a consortium working to bring efficiencies to international trade using blockchain tech.
HSBC Targets China Trade With Yuan-Demoninated Blockchain Letter of Credit
HSBC has carried out the first blockchain-based letter of credit transaction denominated in Chinese yuan.
R3’s Marco Polo Trade Blockchain Takes Another Step Toward Production
The trade finance blockchain platform has passed another milestone in its development with a successful pilot of real-time payment triggers.
New Zealand’s ASB Bank Takes Stake in Trade Finance Blockchain Startup
ABS has invested a “significant” amount in TradeWindow, a startup working to put trade finance on a blockchain.
Standard Chartered Completes First Transaction on Oil Industry Blockchain Platform Voltron
Standard Chartered Bank has completed the first international letter of credit transaction on the oil industry blockchain platform Voltron.