IBS Journal March 2017
17
ING SocGen claim compelling blockchain results
prototype, a distributed ledger based technology which was recently tested to perform a live commodities trade. The Dutch FI collaborated with SocGen to build the technology, whilst the deal was tested with trading house, Mercuria, which was shipping an oil cargo with African crude to China, selling it to one of its shareholders – ChemChina. It says that the average total time for the bank to complete the transaction dropped from approximately three hours to 25 minutes.
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Patrick Arnaud, Managing Director for Trade & Commodity Finance, ING, comments: “The commodity finance industry is hampered by nature by inefficiencies and outdated procedures. By applying blockchain technology, we expect that we can eliminate a lot of these, making the overall process faster and more cost effective and the tests we have been able to carry out have proved this. The Easy Trading Connect platform helped to digitalise and standardise the transaction process from start to finish.”
Alistair Cross, Global Head of Operations, Mercuria, says: Monzo raises £19.5 million
completed a new round of funding from fresh investors, valuing it at £65 million. It pulled in £19.5 million from US- based Thrive Capital, London’s Passion Capital, and Orange Digital Ventures, the venture arm of telco Orange. The new entrant is also planning to raise an additional £2.5 million through an equity crowdfunding campaign on Crowdcube, a year after reaching a £1 million target in just 96 seconds.
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The cash will go towards fulfilling its capital requirements for becoming a full bank and expanding its team. Monzo gained a banking licence last summer and is prepping the roll-out of its first product, a current account. It says that it
has 100,000 customers who have spent £100 million using its pre-paid card.
Scott Thompson K digital-only challenger bank, Monzo, has NG has launched the Easy Trading Connect
“We are very pleased with the success of this initial test. The blockchain technology allows for access to real- time data and key details of the transaction all in one ecosystem, creating an improved and more flexible user experience.”
Scott Thompson
www.ibsintelligence.com
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