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Marco Polo network announced that The Bank of New York Mellon (BNY Mellon) joined its blockchain trade finance platform. US-based BNY Mellon is one of the world’s largest custody banks and had $362.9 billion in assets as of 2018.
We also noted that two other banks quietly appeared on the long list of Marco Polo members: Japan’s MUFG and Credit Agricole.
Started in 2017, the Marco Polo network leverages blockchain to solve many of the issues related to trade finance. It is working to replace paper-based processes to reduce transaction time and cost and bring transparency to all trade participants.
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