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Token says it will use the investment to develop its operating system and “accelerate new ways of innovating payments with digital money and ID solutions.” Fintech firm Token has received a $16.5 million injection from investors including the venture arm of banking giant BNP Paribas, a news release announced on June 18. The self-described open banking platform says it will use the capital to further develop its TokenOSTM operating system — and “accelerate new ways of innovating payments with digital money and ID solutions.” According to the company, its ecosystem enables banks, customers and developers to complete transactions securely, instantly and with less friction. Token claims more than 4,000 banks have connected to its platform, with Mastercard recently coming on board as a partner. Steve Kirsch, Token’s founder and CEO, said: “For banks, establishing an early position in this new hyper-connected market is a competitive advantage; a new wave of independent financial apps and se..
Banco Bilbao Vizcaya Argentaria (BBVA) has carried out a blockchain-based syndicated loan of $150 million with BNP Paribas and MUFG. Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has carried out a blockchain-based syndicated loan of $150 million, U.K.-based global financial news agency Finextra reports Wednesday, Nov. 7. The syndicated bank transaction has been conducted on a private blockchain network through a group of three funding banks including French banking group BNP Paribas, Japan’s bank holding Mitsubishi UFJ Financial Group (MUFG), and BBVA. Acting as the sole underwriter of the transaction, BBVA also secured the participation of a partly state-owned Spanish company Red Eléctrica de España, as well as two legal advisors, U.K.-based multinational law firms Linklaters and Herbert Smith Freehill. The signed contract of the syndicated agreement has been recorded on the Ethereum (ETH) public blockchain after each step along the way had been recorded on the..
A new blockchain trade finance platform developed by a dozen banks, among them HSBC, BNP Paribas, and Standard Chartered, launched Oct. 31 in Hong Kong. A new blockchain trade finance platform developed by a dozen banks, among them HSBC, BNP Paribas, and Standard Chartered, launched this week in Hong Kong, Reuters reported Oct. 31. The platform, dubbed eTrade Connect, aims to improve efficiency in the financing of international trade by reducing the time needed to approve trade loan applications from thirty-six to just four hours. HSBC is reported to have earned $2.52 billion in trade-finance revenue in 2017, making it one of the global banking leaders in the industry. As of 2017, trade finance transactions were worth over $9 trillion, and the industry remains heavily reliant on legacy systems and cumbersome paper-based systems, according to Reuters. The eTrade platform digitizes trade documents and automates many trade finance processes, streamlining the interactions between counterp..