CaixaBank integrates we.trade for foreign deals, touts European bank advantage

Spain’s CaixaBank has become one of the first European banks allowing companies to access blockchain technology by adding we.trade to its service catalogue.

The Spanish financial services firm, which is considered one of the highest-rated banks in the world based on the quality of its digital products and services, has successfully implemented the we.trade blockchain platform for companies to assist them in internationalising their business.

Developed by a consortium...

Santander redeems $20 million bond using Ethereum – reports

Spanish multinational commercial bank Banco Santander has redeemed a $20 million (£15.2m) bond through the Ethereum blockchain.

According to the company, the move intends to make issuing bonds quicker, efficient and simpler. Santander also said that the bond will remain of the Ethereum blockchain until the end of its one-year maturity.

John Whelan, head of digital investment banking at Santander, tweeted on December 10 that the company had ‘just performed an early...

Blockchain and crypto are more than just tech – they can also raise people’s wellbeing

The past decade or so has been a landmark time for financial inclusion. With the advent of affordable mobile phones, programmes that focus on microfinancing, and a slew of user-friendly and mobile-first financial services such as M-Pesa, more people than ever have been able to pay, be paid, and save.

This said, as of 2017, according to the World Bank and First Data an estimated 1.7 billion people across the globe remain without access to formal financial accounts. On top of this,...

NatWest and Coadjute form blockchain consortium to streamline home buying in UK

NatWest, alongside Coadjute, is forming a new distributed ledger technology consortium with the aim of streamlining the process of home buying in the UK.

As first reported by Forbes, through this consortium the home buying process could aim to be cut down to three weeks from several months. Some of the other software providers which are also part of the consortium are Redbrick Solutions Conveyancing Software, Search Acumen Property Data, Dezrez Estate Agency Software, Conveyancing...

Blockchain: From irrational exuberance to genuine adoption – and where to go from here

Thanks to Bitcoin and other cryptocurrencies, blockchain has become associated with speculators and maverick investors. But with the excitement around cryptocurrencies having tempered somewhat attention is now turning to blockchain’s more practical uses. The industrial and commercial sectors, which make up the bulk of GDP in many developed economies, are building applications that will increase their efficiency and overall transparency.

Companies that embrace this shift not only...

Wells Fargo plans to pilot DLT-powered internal settlement service

Wells Fargo is planning to pilot its new internal settlement service ‘Wells Fargo Digital Cash’, which will run on the company’s first DLT platform.

The service enables the company to complete internal book transfers of cross-border payments within its international network using digitised cash, which will be exchanged among the network.

The company has so far successfully proven the concept of moving value between the US and Canada. The internal DLT network will...

Santander issues first end-to-end blockchain bond

Banco Santander has announced the issuance of its first end-to-end blockchain bond in a move which is seen as an important step towards a potential secondary market for mainstream security tokens in the future.

The Spanish commercial bank has issued £16m worth of bond by itself and one of the Group’s units bought the bond, which carries a quarterly coupon of 1.98%, at market price.

In order to issue the bond, Santander used the public Ethereum blockchain that...

Mastercard joins R3’s blockchain-powered Marco Polo Network

Mastercard has joined enterprise blockchain provider R3’s Marco Polo Network, which is powered by the latter’s decentralised database Corda.

The American financial services giant announced its participation in the project, developed jointly by R3 and Ireland’s TradeIX, in its most recent news release.

The Marco Polo initiative offers a multi-asset class platform that provides broker-dealer services, multicurrency transactions and more. The collaboration between...

HSBC completes first blockchain-based letter of credit transaction using Yuan

HSBC has successfully processed a blockchain-based letter of credit transaction by means of Chinese Yuan for the first time, it has been reported.

As reported by Reuters, this achievement marks a step forward in the use of the Voltron trade finance platform developed by HSBC and other banks. Ajay Sharma, HSBC’s regional head of global trade and receivables finance for APAC, said transactions via this platform have primarily been individual pilot cases so far. The progress was...

IBM, ANZ, Westpac and more collaborate for Lygon blockchain bank guarantee project

A group of five institutions will be launching a live blockchain pilot that will aim to significantly contribute to how businesses obtain and manage bank guarantees.

The group, which includes Australian shopping centre company Scentre Group, financial service firm Westpac, Commonwealth Bank, Australia and New Zealand Banking Group (ANZ), along with tech giant IBM, will be launch the pilot for Lygon --  a blockchain-based platform that digitises the issuance and management of...