Fintech firm Ivno has announced the successful completion of a first global token trial, conducted on R3’s Corda, with participation from over twenty-eight top companies from the world.
The participating organizations, which saw contributions from the cream of the crop banks, financial companies, and exchanges from around the world, including the likes of Deutsche Bank, US Bank, National Bank of Canada, and Raiffeisen Bank, successfully managed to generate eighteen billion dollars ($18 billion) denominated trial tokens, declares Ivno who has joined forces with R3, an enterprise blockchain infrastructure company.
First-ever global token trial is a success
The satisfactory outcome from the Ivno Corda trial, executed on Microsoft Azure, will ensure that large legal corporations, financial institutions, and banks can arrange instant settlements, live collateral mobility, and immediate cross-border cash transfers. The scalable solution is expected to drastically reduce transaction-related costs and infrastructure load on traditional banks by over fifteen billion dollars ($15 billion) by 2022.
A live demonstration showed that trial collateral tokens could be instantly moved from Raiffeisen Bank International (RBI), Natixis, and another bank from the UK.
The distributed ledger technology (DLT) is expected to streamline banking operations, generate new business opportunities for the participating companies, and root out any inefficiencies from the system.
Ivno – R3 partnership to boost blockchain adoption
David Rutter, CEO at R3, commented optimistically that the amount and quality of participation in Ivon’s global token trial testify blockchain’s growing use cases in the real world. Through successful collateral movement and instant settlements, Ivno effectively addresses the pain points of the industry, he added.
Daniel Halstead, the co-founder of Ivno, was thrilled to see the response and the desired outcome from the trial. The member companies were able to witness how Ivno could facilitate instant payments, real-time collateral management, and seamless cash transfers. The success of the test implies that Ivno will be all set to roll out its live service by early next year, Halstead affirmed.
However, Ivno is yet to receive the global recognition it anticipated from the blockchain sphere. And while Ivno will be fully prepared to redefine the obsolete landscape of the financial services industry by next year, it cannot succeed unless it can bring in maximum participation, Halstead asserted.