Earlier this week, the holding company of the Marco Polo trade finance network (formerly TradeIX) entered insolvency in Ireland. At one stage, the blockchain network had more than 30 bank members such as Commerzbank, BNY Mellon and SMBC, and its backers included ING Ventures and BNP Paribas. A potential $12 million deal with the Bank of America fell through recently, and the company failed to find replacement investors.
As part of the Bank of America deal, Marco Polo’s technology would have been integrated with the bank’s internal systems, according to the Irish Examiner.
The company’s liabilities exceed its assets by €2.5 million ($2.6m). Total debts amount to € 5.2 million ($5.5m), with the Revenue owed €2.6 million ($2.7m).
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