The Marco Polo Network, a trade finance network co-developed by major enterprise blockchain firm R3, has completed its largest finance trial. Built on R3’s open-source blockchain platform Corda, Marco Polo has hosted the largest global trade finance trial that involved over 70 organizations from 25 countries including financial giants like Japanese SBI Holdings, according to an official announcement on Dec. 12. 100% of respondents in the trial believe that blockchain has the potential to improve their industries As the trial has involved more than 340 participants from multiple industries ranging from financial services to automotive, the joint initiative purportedly intends …
Dutch international bank ING has signed a deal with enterprise blockchain consortium R3 for access to R3’s commercial blockchain platform, according to a press release published Jan. 22. As a part of the five-year agreement, ING Bank is set to acquire an unlimited number of licenses for R3’s Corda Enterprise platform. The banking giant plants to implement Corda’s decentralized applications (CorDapps) across its global business infrastructure. Based on the R3’s commercial platform, CorDapps provide a number of financial services applicable in banking activity, including trade finance, identity, insurance and capital markets. In turn, by applying R3’s CorDapps, ING will purportedly …
American trading-communications firm IPC Systems has partnered with enterprise blockchain software consortium R3, according to a press release shared with Cointelegraph Dec. 3. IPC is a trading technology service company known for producing trading turrets, which are communications systems used by financial traders on their trading desks. Through the Partnership, IPC plans to support the consortium’s Corda blockchain networks on its Connexus platform. Connexus Cloud is a financial markets cloud-based platform for data, voice, and business communications and compliance. The product includes financial industry firms, liquidity revenues, energy firms, and market data and clearing companies. The Corda blockchain network uses …
During an earnings call with investors and stakeholders, Michael Miebach, CEO of Mastercard, discussed his positive outlook on the cryptocurrency industry. The company had seen sizable volume growth in consumers using their Mastercards to purchase crypto and secured several partnerships with cryptocurrency firms. But Miebach's most ambitious viewpoint comes from a discussion regarding central bank digital currencies, or CBDCs, saying: "We are saying at this point in time, the most likely chance for this kind of technology to work for payments is if it's issued through a government in the form of a CBDC. We said that on a couple …
Economists, pundits, institutions and investors often talk about the global financial system. When stocks go up and trade thrives, they applaud its contributions to prosperity; when the markets crash and stocks dip, they blame its inhuman scale or its untrustworthy manipulators. But anyone who has attempted to diversify their portfolio with foreign stocks or acquire another nation’s bonds quickly comes to the same conclusion: The global financial system isn’t a single entity. “The system,” singular, is really “The systems,” plural. How do the pieces of the global financial system interact? Not always as well as might be hoped, as exemplified …