FOUR EUROPEAN BANKS CONDUCTED A TRANSACTION FOR $100 000 ON THE CORDA BLOCKCHAIN FROM R3

Four European banks, Commerzbank, ING, Natixis and Rabobank, settled a transaction with a short-term debt instrument on the Corda platform developed by the R3 blockchain consortium.

As reported by FinTech Futures on Thursday, the transaction included the issue of a one-day euro-bill (ECP) for the amount of 100 000 euros. Natixis Bank acted as Issuer, Rabobank as investor, ING dealer and escrow agent, and Commerzbank provided technical and regulatory support.

The blockchain solution is designed to reduce transaction costs and risks for banks, as well as to speed up the process of settlement of such transactions with customers.

In the spring consortium two largest banks, Credit Suisse and ING successfully conducted transaction on securities exchange worth 25 million euros through the blockchain platform of R3 blockchain.

Recall that in November Temasek Holdings Pte, the state investment company of Singapore, invested in the blockchain consortium R3. Also recently, R3 launched the Corda Settler application, which will simplify the process of introducing cryptocurrency payments to the blockchains of enterprises.