Today, Japan’s MUFG Bank announced it completed its first live blockchain transaction on the commodity trade finance platform, komgo.
MUFG executed a letter of credit in London for commodity trader
Mercuria.
Geneva-based
KomGo SA was formed by MUFG and 14 other global institutions including banks, commodity traders, energy majors and a certification company.
The platform offers trade finance products such as letters of credit, standby letters of credit and receivables discounting. Additionally, it has a Know Your Customer (KYC) compliance solution, which standardizes the KYC process without using a central database.
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