Monday, 25 May 2020

Natixis, Raiffeisen Bank join global tokenised collateral trial on R3's Corda

Ivno, a fintech company, has announced that it has successfully completed the trial on the Corda blockchain platform, hosted on Microsoft Azure.

A total of 28 organisations, including 18 banks, 3 security exchanges, and other large institutions, have participated in a global trial involving collateralised tokens. Participating organizations include CIB, Cobalt, DBS Bank, Gateway DLT, Itaú Unibanco, National Bank of Canada, Natixis, Raiffeisen Bank International, SBI R3 Japan, and U.S. Bank, among others.

Ivno has designed Ivno Collateral Tokens that combine daily liquidity, precise denomination and Cash & Cash Equivalent (C&CE) for corporates combined with HQLA Level 1 status for banks. It believes that collateral tokens will allow corporates, banks, buyside, and brokers to instantly transfer high-quality assets between subsidiaries/branches, enabling balance sheet optimisation and enhanced intra-day liquidity.

According to a press release, the participating organizations created USD 18 billion denominated trial tokens and transferred them in the Invo network. Trial participants were able to test Ivno's core application for instant settlement. They conducted a live atomic swap of simulated ETF tokens in exchange for Ivno Collateral Tokens.

Atomic Swap is a smart contract technology that enables exchanging one cryptocurrency for another without the need for centralised intermediaries, such as exchanges.

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