China Construction Bank (CCB), the world’s second-biggest bank by operated assets, has officially launched its blockchain-based refactoring platform.
Targeting commercial factoring business, CCB aims to bolster operations and reduce major risks in its refactoring business while providing shared data access by multiple participants, Chinese news outlet Sina Tech reports Dec. 6.
As reported, factoring firms represent third parties that buy businesses’ invoices at a discount in order to help those businesses raise funds.
CCB’s blockchain trading platform reached $50 billion in cumulative volume in October
The news comes after CCB officially released the second version of its blockchain trading platform in October. Dubbed BCTrade 2.0, the product reportedly reached $50 billion in cumulative transaction volume. According to sources, CCB’s blockchain trading financial platform reportedly facilitated domestic letters of credit, forfaiting, international factoring as well as refactoring.
By applying BCTrade, CCB, one of the «big four» banks in the People’s Republic of China, enables digitization of trade and financial services between more than 54 domestic and foreign institutions, including a number of state-run and foreign banks, as reported by Cointelegraph.
Chinese banks and blockchain
CCB’s new efforts in blockchain comes to light alongside a report on the Bank of China issuing $2.8 billion in blockchain-based special financial bonds for small and micro-enterprises. As originally reported by Sina Finance, the funds are specifically used to issue loans to these Chinese small and micro-sized companies to support their continued development in the economy.
Meanwhile, the People’s Bank of China, China’s central bank, is reportedly planning to launch a digital token to challenge the United States dollar.
XinFin, Black Tier Solutions and Blockchain at Michigan Announce Joint Partnership
Black Tier Solutions announced a partnership with Blockchain at Michigan.
Black Tier Solutions will be responsible for assisting the University of Michigan Blockchain group to develop a tokenized student rewards program and a tokenized gaming platform using XinFin Hybrid technology.
“The University of Michigan produces some of the most talented developers in the country and they have an unparalleled interest in blockchain. This initiative is a first of its kind here in the United States and we are thrilled to be a part of it” said Chris Neill, founder of Black Tier Solutions located in Lancaster, Pennsylvania.
“We are more than excited to partner with Black Tier Solutions and the XinFin protocol”, said Jonathan Calso, VP of Consulting at Blockchain at Michigan. “Students get a chance to work on real applications and gain valuable experience in an emerging and fast-paced industry. We hope to expand the blockchain ecosystem on campus, and the developer ecosystem on XinFin.Network as well”
The University of Michigan plans to undergo a soft launch in Q4 of this year.
About Blockchain at Michigan
Blockchain at Michigan prepares students to excel in the Blockchain space by providing professional development opportunities alongside industry partners, building educational resources with multidisciplinary facets, and aiding students in meaningful research and project development.
About XinFin.Network
XinFin is an open-source enterprise-ready hybrid blockchain for global trade and finance. It combines the power of public and private blockchains with interoperable smart contracts and is fully EVM compatible. For more information on XinFin, please visit XinFin.org.
