Yesterday, Sina Finance
reported that the China Construction Bank (CCB) has officially released the second version of its blockchain platform for trade finance. Now known as the “BCTrade2.0 Blockchain Trade Finance Platform”, it digitizes commodities trade and financial services between over 50 CCB branches and 40 external organizations.
The CCB’s project has been in the works for some time. In 2017, the bank claimed to be the first to use blockchain for domestic letters of credit, forfeiting, and international factoring. That year, it had managed 1.6 billion yuan ($106 million) and 20 participants.
As we
reported in March, the CCB announced that its then-unnamed blockchain had transacted 200 billion yuan ($30 billion) in 2018 and boasted nearly 40 domestic and financial participants. According to
Xinhua, the platform was initially released in April that year. Yesterday, it was officially named and the second version launched, having reached 360 billion yuan ($50 billion) in transaction volume.
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