Accenture has announced a minority investment in TradeIX, the developer behind the Marco Polo blockchain trade finance platform.
The trade finance network has more than 30 member firms, including Mastercard and numerous global banks such as Bank of America, Commerzbank, ING, and Standard Chartered.
It’s been 18 months since Ireland-based TradeIX announced a USD 16 million Series A led by ING Ventures. The company was started by CEO Robert Barnes, who previously founded supply chain finance company PrimeRevenue. Marco Polo is a little different from some of the other trade finance consortia because a pure startup like TradeIX is the network operator. In contrast, the other groups have incorporated as bank joint ventures.
TradeIX aims to help to digitize trade and trade finance by automating processes which are currently painful. While it’s best known for the Marco Polo network, it has also been involved in separate projects with AIG, DHL and Siemens.
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