ING
Basics
- Big Bank from the Netherlands
- From Forbes Blockchain 50 (Apr 16, 2019):
"The Dutch banking giant has launched eight pilots since the creation of its dedicated blockchain team in 2016. In January 2018, ING and Credit Suisse executed the first legally enforceable euro securities swap using R3’s blockchain. The bank has also invested in several blockchain ventures, including Komgo, which plans to use the Ethereum blockchain to streamline a wide range of transactions. Full profile"
- From Forbes Blockchain 50 (19-2-2020):
"ING’s most mature blockchain project is decentralized trade finance platform Komgo, which eliminates the delays and redundant paperwork involved with issue letters of credit used to finance trade. Normally when commodities traders needed to borrow money to buy crude oil being shipped around the world, for example, every counterparty, including traders, banks, inspectors and agents, would hand over paper documents, resulting in vessels frequently needing to wait for a loan to clear after docking. But in July 2019 ING conducted its first commodity trade on Komgo, powered by the Quorum blockchain. The $43 million letter of credit was processed and approved by ING Geneva for Mercuria Energy Trading SA in a matter of minutes."
Main Links
- Has said it will use/build on Hyperledger Fabric, Hyperledger Indy, Corda and Quorum. Update (19-2-2020) also on Ethereum.
- Has had a history with Tether.
- Participated in a $64,5M fund raise for Fnality, the company behind USC.
Current employees
- Key leader: Mariana Gomez de la Villa, program director of distributed ledger technology (still on 19-2-2020, & 2021)
