Raiffeisen Bank participates in the first successful global tokenized collateral trial.
Twenty-eight organizations including Raiffeisen and 17 other banks have participated in the successful completion of the Ivno Global Tokenized Collateral Trial. This is the first global token trial on the R3 Corda platform, hosted on Microsoft Azure, as reported on Oct. 17.
Efficiencies in tokenized collateral
The trial, conducted by London-based Ivno, saw the participating organizations create $18 billion of Trial Tokens, and transfer them through the Ivno network. This was a live demonstration of how mobile collateral tokens can be used for instant settlement, collateral management and effective cash transfer.
Ivno’s platform is designed to improve efficiency and create new business opportunities while reducing the infrastructure costs of inefficient legacy post-trade processes.
First large scale trial on R3 Corda
This represents the first global-scale trial on R3’s Corda platform. R3 CEO, David E Rutter explained the significance:
“The number and caliber of participants we have seen take part in the Ivno token CorDapp trial is testament to blockchain’s growing use cases.”
Ivno Co-Founder, Daniel Halstead, backed this up, saying that, “The size, scale and success of the Ivno Global Trial validated Ivno’s technology and financial design and confirmed the desire and demand for live deployment.”
Whilst a representative of Raiffeisen Bank further praised the trial, saying, “Liquidity management will enter a new era once products and services like Ivno go live.”
Source: Cointelegraph https://cointelegraph.com/