Today, German bank LBBW said it facilitated a pilot trade finance transaction for automaker Daimler and engineering firm Dürr using the Marco Polo blockchain network. LBBW is Germany’s biggest state-backed Landesbank lender as of 2018. It is also a founding member of Marco Polo Network.
The blockchain trade finance network currently has 23 members, and more counting unpublished participants.
Bank of America was the most recent addition.
TradeIX is the technology partner, and it uses R3’s Corda distributed ledger technology (DLT).
The transaction involved the order and delivery agreement for a balancing system from Dürr subsidiary Schenck via the Marco Polo network. LBBW provided the financing and the payment commitment on behalf of Daimler.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
