trade finance network
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Marco Polo, the blockchain trade financing network, has gone bankrupt
It is reported that the holding company of Marco Polo Trade Finance Network (formerly TradeIX) entered bankruptcy in Ireland. The blockchain network has more than 30 bank members, such as Commerzbank, Bank of New York Mellon and SMBC. Its supporters include ING Ventures and BNP Paribas. Recently, a potential $12 million deal with Bank of America failed, and the company failed to find a substitute investor. The company’s liabilities exceed its assets by 2.5 million euros (2.6 million dollars). The total debt is 5.2 million euros (5.5 million dollars), of…
