Standard Chartered Completes First Transaction on Blockchain Trade Platform Voltron
Standard Chartered Bank has completed its first international letter of credit transaction on the open-industry blockchain trade platform Voltron.
Standard Chartered said it invested in Metaco to improve the relatively undeveloped market infrastructure in digital assets.
ING Bank, Standard Chartered and others have developed a protocol to handle a new rule for crypto exchanges and firms dealing in digital assets.
The head of Standard Chartered's venture arm said the crypto custody solution could launch into test phase sometime later this year.
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.
Standard Chartered has invested in Contour, the recently-rebranded Voltron blockchain trade finance platform digitizing letters of credit for financial institutions.