British retail and commercial bank and one of the "Big Four" clearing banks Lloyds Bank has become the first UK bank to partner with a blockchain-based platform to enable quicker international commodity trade finance using distributed ledger technology (DLT).
As Finextra reports, Lloyds Bank has signed a partnership with Komgo, a platform that digitizes and streamlines international trade and commodity finance.
Gwynne Master, the Managing Director and Global Head of Trade for Lloyds Bank Commercial Banking, claims the partnership helps the bank tackle the current bureaucratic challenges.
"We’re working together to shorten the time it takes our corporate clients to trade internationally by significantly streamlining and digitizing the process," Master added.
Previously iHodl reported that the trusted global solution for issuing and managing compliant digital securities on the blockchain Securitize received approval from the US Securities and Exchange Commission.
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