ING Ventures invests in blockchain firm TradeIX

ING Ventures, the venture capital arm of Holland's ING Bank, has led a $16 million Series A investment in UK-based API and blockchain powered venture, TradeIX. Kistefos, BNP Paribas and Tech Mahindra were also involved in the round.

TradeIX has been working with R3 on the Marco Polo initiative, involving such banks as BNP Paribas, Commerzbank and ING, which focuses on the use of distributed ledger technology in trade transactions. Chief Innovation Officer and CEO of ING Ventures Benoît Legrand (pictured), comments: “Extending our existing partnership into an investment helps to bring this solution to even more clients in the near future, empowering them to stay ahead in their business.”

Head of Transaction Services Mark Buitenhek says: “TradeIX operates via an open platform and open is what ING thinks the future of financial services is going to be. On top of that, we see plenty of opportunity in distributed ledger technology, so we’re happy to announce we are now intensifying our cooperation with TradeIX.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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