A group of major European financial institutions has jointly formed a post-trade blockchain startup designed specifically for small- and medium-sized enterprises (SMEs).
According to an announcement, the banks involved created a partnership back in June 2016 to develop a post-trade infrastructure based on distributed ledger technology. That agreement has now resulted in the launch of the new startup, dubbed LiquidShare, which is aimed to give SMEs more access to capital markets and reduce post-trade transaction costs while bringing added security and transparency.
The shareholders who will provide financial support for the endeavor include European investment banks BNP Paribas, Caisse des Dépôts, Euroclear, Société Générale, S2IEM and CACEIS, as well as the pan-European stock exchange Euronext.
A cast of familiar names, most participants have already demonstrated an ongoing interest and involvement in blockchain development.
BNP Paribas Securities Services, a subsidiary of BNP Paribas, for example, is reported to have developed a fund-distribution platform using blockchain technology with investment manager AXA. Also, earlier this year, Euroclear announced the expansion of its blockchain-based gold trading platform, which could see a full launch later this year.
The former head of global transaction banking at Deutsch Bank in France, Thibaud de Maintenant, has been named as the head of LiquidShare. Joining him as the chairman of the supervisory board will be Anthony Attia, a managing board member of Euronext.
Europe on a globe image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected]/* */.
EuropeCapital Marketspost trade
CBOE Saw Its Highest-Ever Bitcoin Futures Volumes Yesterday
Two major markets for bitcoin futures contracts saw a major boost in volume on Wednesday.
Available market data shows that CBOE saw its highest-ever volume for bitcoin futures since it first debute
Former Paypal CEO says investors are drinking the bitcoin 'Kool-Aid'
Former head of online payments giant Paypal is bullish on the future of digital money but maintains that bitcoin is a scam. "Everyone is drinking the Kool-Aid," Bill Harris, former Paypal, CEO
OmiseGo Hits Two-Month High Amid Exchange Listings
OmiseGo's OMG token is reporting double-digit gains today, figures that throw shade on the rest of the top 25 cryptocurrencies by market valuation.
Having clocked a two-month high of $20.67 earlier
More Than $140 Million in Bitcoin Moved from Mt Gox Wallets
16,000 bitcoins (an amount worth about $141 million) tied to the now-defunct bitcoin exchange Mt Gox were moved on Thursday.
According to CryptoGround, which monitors Mt Gox's remaining wallets, th
Crypto Mining Made Up 10% of AMD's Revenue in Q1
Cryptocurrency mining demand accounted for as much as 10% of AMD's first-quarter revenue this year, according to the chip maker.
"The strength in Radeon products was driven by both gaming and block
Romania's Oldest Bitcoin Exchange Is Shutting Down Next Week
Romania's BTCxChange announced it was closing its platform earlier this week.
In a notice dated April 22, the nation's oldest cryptocurrency exchange told its customers to withdraw all of their rem
Ripple Says Sales of XRP Cryptocurrency Rose 83% In Q1
Ripple reported Wednesday that sales of its cryptocurrency XRP totaled $167.7 million in the first three months of 2018, an increase of 83% compared to the previous quarter and of 2,400% compared to t
There are now 17 million bitcoins in existence — only 4 million left to 'mine'
More than 80 percent of the bitcoins that will ever exist have now been created. The 17 millionth bitcoin was "mined" Thursday, according to data from Blockchain.info, more than a year since the