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A global investments company the Bank of New York Mellon (BNY Mellon) has joined the Marco Polo Network, a trade and working capital finance network powered by blockchain technology.

According to the official announcement, the main goal of the partnership is to develop a more open and connected trade finance environment that powers global trade and economic growth.

The Marco Polo Network includes financial institutions, corporate clients, service providers, and blockchain technology firms like TradeIX and R3.

The Global Head of Trade Finance at BNY Mellon, Joon Kim, says the investment holding recognizes the tremendous potential to harness digital, data and advanced technology capabilities "to transform essential trade finance processes to make them more efficient and secure."

"Collaborating with Marco Polo members is one more measure of our commitment to provide innovative opportunities to improve the client experience throughout the transaction lifecycle," Kim added.

Earlier iHodl reported that a U.S. payment processor MasterCard joined the Marco Polo Network.

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