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.
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.
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.
Thirty-eight banks have started using the platform since it entered the test phase in September 2018.
Asian banking giant DBS and multinational commodity trading firm Trafigura Group are tapping blockchain to facilitate global trade.
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.