Ivno completes first global token trial on R3’s Corda
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Ivno completes first global token trial on R3’s Corda 18 October 2019London Reporter: Maddie Saghir
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Ivno, the London-based fintech business, has completed the first global token trial on R3’s Corda, hosted on Microsoft Azure, which follows on from R3’s plans in March this year to expand the Corda platform.
The Ivno Corda Trial included 28 organisations creating $18 billion denominated Trial Tokens, which were then transferred in the Ivno network.
According to Ivno, this demonstrates how instantly mobile collateral tokens could be used for instant settlement, collateral management and effective cash transfer.
Some of the organisations that participated in the trial included Natixis, DBS Bank, Raiffeisen Bank International, Cobalt, CIB and U.S. Bank, Gateway DLT, and National Bank of Canada.
In a live demonstration of the Ivno Corda Application trial collateral tokens were moved instantly between by nodes deployed Raiffeisen Bank International, Natixis and a large UK bank.
Meanwhile, members of the trial were able to test Ivno’s core application in three use cases including instant settlement, real-time collateral mobility, and instant effective cash transfer.
The existing financial “plumbing” and post-trade processes are well recognised to be slow, inefficient, costly and outdated, Ivno explained.
This approach of providing a universal and scalable solution is designed to reduce costs, remove inefficiencies and create new business opportunities across the financial landscape.
Commenting on the trial, David E. Rutter, CEO at R3, said: “The number and calibre of participants we have seen take part in the Ivno token CorDapp trial is testament to blockchain's growing use cases.”
“The Ivno Settlement CorDapp answers industry needs—the need for instantaneous collateral movement and settlement. Ivno's vision of real-time, instant value transfer aligns with R3's own objectives and we are looking forward to seeing more banks realise the benefits of Corda, in our trials and beyond."
Daniel Halstead, co-founder at Ivno cited: "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. We welcome engagement with future customers of Ivno's live service due Q1 2020."
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