Four European banks have completed a live transaction worth $100k utilizing R3 company’s Corda blockchain platform. Reported by FinTech Futures, the transaction was regarding the issuance of a one-day maturity euro commercial paper (ECP).
Collaborating in the transaction were Commerzbank, ING, Natixis and Rabobank, with Natixis being the issuer and Rabobank acting as the investor. ING has acted as the agent while Commerzbank provided technical and regulatory support.
Senior ING official Marnix Bruning has stated that “this live trade lays the foundation for dealing ECP more efficiently and cost effectively.”