TradeIX is growing rapidly and accelerates the growth of the development of its Trade Finance Platform as well as the Marco Polo blockchain project, after receiving an investment of $16m.
Investors of the Series A funding round included ING Ventures, BNP Paribas, Tech Mahindra, and Kistefos.
Currently, the banks involved in the Marco Polo Trade Finance consortium are Bangkok Bank, BNP Paribas, Commerzbank, DNB, ING, Natwest, OP Financial Group, SMBC and Standard Chartered, and Natixis.
Two other financial institutions are joining shortly as TradeIX and its partner, R3 are talking to many other interested banks.
Daniel Cotti, CFO at TradeIX, tells GTR that the Series A funding round will allow TradeIX to further focus on Marco Polo and ensure that we maximise the potential of the industry initiative with additional trade orchestrations”, also adding that the firm will be “growing the Marco Polo ecosystem aggressively”.
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