Bradesco Bank Joins R3 Corda-Based Trade Finance Network

Bradesco Bank Joins R3 Corda-Based Trade Finance Network
May 16, 2019

 

The cryptocurrency market has turned absolutely bullish with not even a single major altcoin in red. Bitcoin (BTC) spearheads the rally with a 38.9% gain in the past seven days to trade at $8,285.57. While there is no apparent reason for the surge in price, some crypto analysts have pointed out the adoption of lightning network as a major reason for the bullishness.

Notably, Ethereum (ETH) has also skyrocketed in the past week. The smart contract supporting blockchain has gained 55.4% to trade at $266.35. Other altcoins seem to have also joined the rally on a full-fledged manner. This includes Ripple (XRP-$0.4690, 56.4%), EOS (EOS-$6.80, 39.4%), Stellar (XLM-$0.1522, 64.0%), TRON (TRX-$0.0327, 32.7%), Cardano (ADA-$0.0989, 55.1%), Bitcoin Cash ($436.7, 55.0%), Litecoin (LTC-$105.44, 42.1%) and IOTA (MIOTA-$0.4430, 53.2%).

 

Government level initiatives

European Blockchain Institute to be established in Dortmund City

The government of North Rhine-Westphalia (NRW), a German state has revealed its intention to set up an institute for blockchain technology research. The institute, dubbed European Blockchain Institute, will be established in Dortmund city later this year, within the Fraunhofer Institute for Material Flow and Logistics (IML). NRW Economics Minister Andreas Pinkwart disclosed this information.

Blockchain critics have expressed skepticism about the energy used for bitcoin mining (BTC). Pinkwart mentioned these challenges and lauded blockchain tech’s advantages, stating: “This technology can be safe, decentralized, affordable and, when used properly, not too energy-intensive.”

Europe lags behind the US in blockchain developments and needs to close the gap, which is an objective that NRW aims to attain by leading others in the fray.

 

Private sector initiatives

Finastra signs up three French banks for Fusion LenderComm

Finastra, a UK based financial software company, has signed up three French banks for its syndicated loans platform, dubbed Fusion LenderComm, based on R3 consortium’s enterprise-level blockchain software Corda. The three international banks which have officially inked a deal to start using Fusion LenderComm are BNP Paribas, Societe Generale, and Natixis. The banks conducted a trial of the platform in 2017. The platform supposedly permits banks to instantaneously share credit deals, accumulated balances, and position information to creditors.

Cécile Bartenieff, Societe Generale’s COO of Global Banking and Investor Solutions, said the Fusion LenderComm platform would offer more transparency and operational effectiveness to the syndicated credit sector, which is “an illustration of how blockchain can help banks optimize the entire flow of financial operations.”

 

Galaxy smartphones to roll out crypt and blockchain-related features

Budget smartphones launched by Samsung Electronics will supposedly incorporate cryptocurrency and blockchain features. The crypto and blockchain-related features incorporated into the Samsung S10 will also be a part of other Galaxy smartphone versions. The South Korean electronics company also intends to join hands with other telecom firms on blockchain-based mobile id (identification) cards and national currencies.

Chae Won-Cheol, senior managing director of the product strategy team in the Wireless Business Division of Samsung Electronics’, said: “We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions. We will also expand our service target countries after Korea, the United States, and Canada.”

 

Banco Bradeso signs up to R3’s Marco polo blockchain network

Banco Bradesco, one of the top Brazilian banks, is the latest financial entity to sign up to R3’s Marco Polo blockchain network for trade funding. Banco Bradesco has $338.2 billion worth assets under management and a market capitalization of $49.1 billion.

The Marco Polo network binds R3’s Corda enterprise blockchain technology together with a distributed trade funding platform from TradeIX. The system is designed to save time, minimize cost, and offer transparency to commercial banks’ conventional and tailor-made trade finance solutions.

The network comprises of top global banks such as ING, BNP Paribas, and Sumitomo Mitsui Banking Corporation as members. Other renowned financial institutions such as Standard Chartered Bank and NatWest are members of the network. Marco Polo is arguably the “largest network of commercial banks leveraging blockchain for trade finance.”

The blockchain-based platform provides tech solutions such as ERP-embedded application and APIs built to advance working capital funding. Member banks can supposedly trial with blockchain technology and share their deployment experience before they begin to segregate their own relevant trade funding solutions on the distributed platform.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Janine

Janine

Janine is our editor for related stock market news. Andrew and Janine will be focusing on providing the latest trends and where the next hit could be


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