Marco Polo Onboards Three New Members to Its Trade Finance Network

Distributed ledger technology (DLT)-based trade finance network Marco Polo has onboarded three new members for piloting and evaluating purposes, according to an announcement published on April 25.Marco Polo Network is a joint undertaking with tech firm TradeIX, enterprise software company R3, and other 20 international financial institutions. The initiative provides a multi-asset class platform that…

2 Executives Are Leaving Blockchain Startup R3 in Management Shake-Up

news Distributed ledger technology provider R3 has carried out an extensive internal reorganization, resulting in the departure of two members of its management committee, CoinDesk has learned. Brian McNulty, a managing director and head of global services, and Lauren Carroll, chief administrative officer, are leaving the company, R3 told employees at town hall meetings Friday, according…

R3 Adds Ripple as First Crypto for Its Universal Payments DApp

Enterprise blockchain software firm R3 has announced that ‘rival’ Ripple’s XRP token will be the first crypto supported on its new universal payment settlement platform, Finextra reports today, Dec. 5.Dubbed “Corda Settler,” the new open source Corda-based decentralized application (CorDapp) reportedly allows payment obligations raised on the Corda blockchain to be settled via any parallel…

Firm Owned by India’s Richest Man Turns to Blockchain for Trade Finance

Oil and gas conglomerate Reliance Industries – owned by India’s richest person, Mukesh Ambani – has used blockchain to conduct its first trade finance transaction. According to a news release from HSBC India shared with CoinDesk on Sunday, Reliance Industries has recently executed a “live” blockchain-powered trade finance transaction in collaboration with US-based global chemical…

Scalability Study: DLT Can Support Daily Trading Volume of US Equity Market

A recent study by the Depository Trust & Clearing Corporation (DTCC), a post-trade financial services firm, has found that distributed ledger technology (DLT) is scalable enough to support daily trade volumes of the U.S. equity market, according to a press release published Oct. 16.The blockchain scaling problem is growing along with the increasing popularity and…

ConsenSys Invests $6.5 Million in Former R3 Exec’s Blockchain Startup

Ethereum development studio ConsenSys has invested $6.5 million in a blockchain startup founded by a former R3 executive. DrumG Technologies, formed by Tim Grant, R3’s former head of business development, is also adding ConsenSys founder and CEO Joseph Lubin to its board of directors, according to a press release. The investment comes as a Series A minority…

Saudi British Bank Joins Consortium R3’s Global Blockchain Ecosystem

The Saudi British Bank (SABB) has become the first Saudi bank to join enterprise software firm and global banking consortium R3’s blockchain ecosystem, local news outlet Trade Arabia reports today, September 11.SABB enjoys a strong reputation, having reportedly been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for the…