R3's trade finance platform Marco Polo got status "Pilot"

The platform addresses risk mitigation, payables finance and receivables finance
21 February 2018   527

Today R3 announced that with trade finance tech provider TradeIX and several major banks it moved the trade finance solution Marco Polo into 'pilot' stage. The project has the purpose of providing an open source inter-operable trade finance network. The developed in result solution is to be built with R3's Corda (distributed ledger technology product) and released with TradeIX's open platform TIX. As outlined earlier, the project at this stage addresses 3 areas of finance: risk mitigation, payables and receivables finance.

Last September R3 started proof-of-concept development, and today's announcement signalized the success of the process. The development was done in collaboration with BNP, Commerzbank and ING.

The tests ING ran as part of the proof-of-concept enabled us to see the value this solution could deliver in three separate areas of trade financing. The technology ran fast and smoothly and the positive results showed us we are on the right track and ready to take the next step by entering into a pilot.


Ivar Wiersma

Head of innovation, ING Wholesale Banking

Further expansion of the project is set to take place this year with the addition of credit insurers, enterprise resource planning and logistics providers. On a side note, R3 is already working with Microsoft with the integration of Azure cloud solution with aforementioned Corda.

Traditional paper processing across supply chain processes is a "significant burden" to businesses. The industry has been looking for solutions to simplify and digitize trade, making supply chain ripe for the benefits of blockchain technology.


Connie Leung

Senior director and financial services business lead, Microsoft Asia

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   39

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.