Blockchain

Trade Finance Blockchain Platform Marco Polo Collaborates With 20 Banks

Having established itself as the world’s largest and fastest-growing blockchain-based trade and working capital finance platform, Marco Polo has expanded its working space by partnering with over twenty reputed banking networks. The platform is piloting its first trading phase of a strategic deal between Russia and Germany.

On October 11, 2019, the company made the crucial announcement about the pilot project, which included the involvement of Russian market leaders- Alfa-Bank JSC and Novolipetsk Steel Company (NLMK) and Germany-based reputed entities- Commerzbank and Vesuvius GmbH. Interestingly, all the four firms involved in the project are established rulers of the blockchain arena. Alfa-Bank JSC serves as one of the largest commercial banks in the Russian territory, and the NLMK firm shines as one of the four largest industries of Russia.

Also, Commerzbank AG is a highly reputed German bank, and Vesuvius GmbH works as a prime metals engineering entity.

The prominent banks included in the collaboration list with Marco Polo firm include: Bank of America, BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, Bradesco, BayernLB, Helaba, S-Servicepartner, Raiffeisen Bank International, Standard Bank, Credit Agricole and National Bank of Fujairah.

About Marco Polo:

Marco Polo is the brainchild of a joint undertaking between giant technology firms TradelX and R3. It operates with the aim to proliferate blockchain-based trade finance mechanisms into the roots of the system at the global level by replacing paper documentation with shared, instant, and reliable digital verification.

Earlier, the twenty-two banks consortium running on the blockchain technology included the capability for a third party in a trade process to make payments to the suppliers while the products remain in the shipping stage. In an interaction, Enno-Burgard Weitzel, the global head of Commerzbank, stated that leading international corporations and organizations had shown a keen interest in Marco Polo’s lucrative deal. He bragged about the unprecedented merits of the platform, which include quicker trading activities, transparency, and integration of Enterprise Resource Planning systems.

Tags

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
Back to top button
Close