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Tag Archives: r3

Standard Chartered Invests in Rebranded Finance Trade Startup Contour

Previously named Voltron Blockchain, now known as Contour, the firm gains the undisclosed sum from one of the biggest bidders of the world. R3‘s Asia Chief Carl Wegner became the startup’s CEO and will lead the company to the successful launch of its innovative letter-of-credit (LoC) service.The company reduced the time needed for the LoCs from 2 weeks to 24 hours max, in several test projects. Lisa Robins is serving as Head of Transaction Banking at SC. She says that thanks to the Corda...

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Bank of England and Five Other Central Banks to Assess Benefits of CBDC

It has become known that United Kingdom premier Boris Johnson’s government has lost its first parliamentary votes since the snap general election because the House of Lords applied three defeats over Brexit legislation.The upper chamber voted in favor of giving physical documents as proof of their right to stay to EU citizens who live in the UK to be, once the country has left the bloc. On January 17, European Parliament Brexit coordinator Guy Verhofstadt said that the country will not...

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R3 Announces Succesful Completion of the Largest Blockchain Trade Finance Trial on Corda

New York-based enterprise blockchain technology company R3 has just successfully completed its largest finance trial test, according to a recent announcement. The move was a trial of the Marco Polo Platform for Open Account Trade Finance by R3 and was hosted on the company’s Corda blockchain.According to the announcement, the test had participation from more than 70 organizations across over 25 countries and five continents. It also had more than 340 participants and big names from several...

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NatWest Bank to Lead Blockchain Consortium to Simplify Mortgage Purchase in UK

National Westminster Bank (NatWest), one of the largest retail and commercial banks in the United Kingdom, has announced that it will lead a consortium that will leverage blockchain technology, to simplify and speed up the process of buying a property in the U.K.According to a recent Forbes report, NatWest will be leading this consortium with real estate blockchain startup Coadjute, along with six other firms including Dezrez Estate Agency Software, Search Acumen Property Data, LMS Panel...

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BNY Mellon Joins Trade Finance Blockchain Marco Polo Aiming to Go Live Quickly

The latest reports have revealed that the Bank of New York Mellon has officially joined the Marco Polo trade finance consortium. This consortium is known to run on R3’s Corda and BNY Mellon has become the 28th bank to join. The bank has been constantly investing in the blockchain space since 2015. As we highlighted previously, the investments have significantly increased in recent months.The $373-billion asset bank is reportedly evaluating Marco Polo’s technology intending to onboard clients...

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David Rutter of R3 on Libra: It’s So “In Your Face”

Libra has been attacked from all sides, but now people are even starting say its introduction to the financial space was ill-planned.Libra Hasn’t Tried to Clean Up Its ActLibra first emerged last summer to mixed reception. Many users said they didn’t trust Facebook enough after the Cambridge Analytica scandal to give the company their financial data, and many politicians were concerned that Libra would potentially open the door to money laundering and other white-collar crime.However, others...

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Singapore’s MAS Collaborates with JP Morgan for Blockchain-Based Multi-Currency Payments

Singapore’s central bank – Monetary Authority of Singapore (MAS) – has recently joined hands with Wall Street giant JP Morgan and Temasek. The partnership aims to build a blockchain-based prototype for cross-border multi-currency payments.The announcement comes just a time when global banking institutions are exploring blockchain and digital currency payments. MAS also said that its blockchain prototype can carry payments in different currencies on the same network. In the official press...

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China Reveals over 500 Projects as It Goes Supernova in Blockchain Technology

Following Chinese President Xi Jinping’s call for his Country to “Seize the opportunity” offered by blockchain technology and the crypto space, it has been revealed by sources that the Chinese have been quietly working on over 500 blockchain projects in so many different fields with as many use-case scenarios which can be deployed practically in every sense.Sources indicate that the Cyberspace Administration of China has been in charge of the filings for blockchain technology projects before...

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Sicherheit durch Token: Raiffeisen startet Testversuch

Raiffeisen International testet Security Token. Auch in der Schweiz arbeitet die Raiffeisen Bank mit Swisscom und Daura AG an einem Token-Projekt. Foto: Gebäude der Raiffeisen Schweiz in St. Gallen. Lizenz: CC 4.0 by JoachimKohlerBremen, Wikipedia Zusammen mit fast zwanzig anderen Banken startet Raiffeisen einen globalen Token-Test auf der durch Microsoft Azure gehosteten...

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South Korean Government Is Determined to Move Its Trade Finance on Blockchain by 2021

A local news report in South Korea has recently confirmed that the Korean government is planning to move trade finance completely on a blockchain network in the next two years by 2021.The announcement was made by the South Korean Trade Finance Minister Hong Nam-ki who introduced the developmental plan for digital trade on Monday, October 14. According to Nam-Ki, the South Korean government will apply the next-generation technologies like Big data, AI and blockchain. The government has plans...

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