The Global Cross-Enterprise Trading Unit, Mastercard Track, will provide access to the Marco Polo blockchain platform for trade finance.
The Marco Polo platform, developed based on the R3 Corda, was launched in 2017. At present, such large financial institutions as BNP, Commerzbank and ING have already joined it. Now more than 25 organizations work on the blockchain platform.
“The scope and scope of Mastercard will expand our capabilities and enable the work of a large number of financial services providers within the Marco Polo network,” said Daniel Cotti, Managing Director of TradeIX, which also contributed to the creation of the platform.
Last February, the R3 consortium announced the transfer of Marco Polo to the pilot phase. In April, the Japanese bank SMBC announced that it will engage in trade finance on the platform, and in May Banco Bradesco and Raiffeisen Bank joined Marco Polo. In August, the first real transactions were conducted on the platform.
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