Post-Trade Tech Firm Seeks to Build Commodities Blockchain Consortium
Post-trade technology services firm Kynetix is seeking to assemble a consortium of commodities market stakeholders to explore the collaborative use of blockchain technology. Kynetix announced today that it has so far assembled a "coalition of 15 commodity exchanges, investment banks, clearing houses and brokers", though it declined to name those involved in the effort. Despite this silence, however, Kynetix is seeking to liken the project to similar efforts by distributed ledger startup R3, which has united 30 brand-name banks in a similar initiative. In interview, Guillaume Kendall, head....
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Kynetix, a post-trade technology company, is putting together a consortium to look into the use of distributed ledger technology in commodities markets. UK-based Kynetix, a firm that deals in commodity post-trade technology platforms has launched a consortium focusing on integrating blockchain technology into commodities post-trades and mainstream financial services. The firm announced an inaugural meeting to take place in London today wherein 15 major commodity exchanges, investment banks, brokers and clearing houses will collaborate in bringing blockchain to the physical economy. Kynteix....
Financial technology firm Calypso has inked a deal with blockchain consortium R3 to develop applications for its Corda platform. Calypso, founded in the 1990s, develops software for capital markets. It is working with R3 to build a trade confirmation app to function on top of Corda, a distributed ledger platform for managing financial contracts. Corda, formally unveiled in April, is expected to be released open-source later this week. In statements, the firms suggested that the trade confirmation app would be the first of a number of products developed by Calypso for the Corda platform.....
A new blockchain consortium has been formed in South Korea, with both established finance firms and technology startups on its membership roster. According to one of the group's members – blockchain startup The Loop – the new initiative will focus some of its efforts on building tools for managing trade finance processes. The firm said in a statement: “Beyond providing [the] blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype....
Nearly half of the members of a blockchain consortium focused on post-trade settlement see the technology achieving wider adoption over the next three to five years. That's according to the results of a survey published today by the Post-Trade Distributed Ledger (PTDL) Group. The survey was conducted last autumn and polled its 45-strong membership. According to the group, 48% of participants said that they see a three-to-five-year timeline for broader industry adoption. And while 29% estimate a shorter time scale (one to two years), the remaining 21% say they expect it could take five....
Kynetix, a global settlement and post-trade technology platform from Croydon in the United Kingdom, has announced plans to offer a blockchain consortium. The focus is on the effect of distributed ledgers across commodity and settlement markets. The organization has an active interest in exploring these digital concepts and will have an inaugural dinner....