Major Brazilian Bank Brodesco Joins R3 Corda-Powered Global Trade Finance Network

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Prominent Brazlian bank, Banco Bradesco, has become the latest institution to join R3’s Marco Polo blockchain network for trade finance, according to a press release shared with Cointelegraph on May 14.Banco Bradesco is among Brazil’s leading banks, with total assets worth $338.2 billion and a market capitalization of $49.1 billion, the press release states.The Marco Polo network implements R3’s Corda enterprise blockchain technology together with a distributed trade finance platform from TradeIX. It is designed to provide greater cost and time efficiencies — as well as transparency — to commercial banks’ traditional and structured trade finance solutions.As reported, the network counts major global banks such as BNP Paribas, ING and Sumitomo Mitsui Banking Corporation as members. Other high-profile members include Standard Chartered Bank and NatWest, with the press release claiming that Marco Polo is ostensibly the “largest network of commercial banks leveraging blockchain for trade finance.”As today’s press release states,…

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