Bank of America has joined the Marco Polo consortium. The goal of this partnership was to bring more efficiency to the bank during international trades and settlements.
The Marco Polo network was created by TradeIX and the R3 consortium. The platform has the goal of connecting several institutions in real-time to let them access capital more easily and increase their visibility in trading relationships.
Bank of America’s main reason for starting the partnership is that the institution has always strived to offer to its clients excellent financial and trade solutions and the Marco Polo network offers more services that can be important for the company to achieve these goals.
The head of global trade at the bank, Geoff Brady, stated that joining the network is important for the company to achieve its long-term objectives and to offer the solutions that the clients need the most. It makes the process more transparent and the clients can see it happening this way.
Also, this technology can be used to eliminate paper records, which are considerably expensive to keep and can make the whole trading process considerably slower.
David E. Rutter, the CEO of R3, has become a part of the Bank of America group now and affirmed that other banks should join Marco Polo as well. According to him, the blockchain technology is growing a lot and transforming how the financial market works.
Mastercard also joined this consortium recently, which shows how important Marco Polo has become. The Bank of America itself is a huge company. It is the 13th largest bank in the world and the 6th largest public company in the U. S.
Author: Gabriel Machado
The North America COO of Barrick Gold, known as the largest gold mining company in the whole world, recently talked about whether the crypto industry can be considered a threat to the gold industry or not.
According to Catherine Raw, crypto’s are simply not competitive with gold. She affirmed this at the Most Powerful Women International Summit, which was organized by Forbes. Raw claimed that gold has a very tangible nature and that it will always have value.
Bitcoin, however, can have zero value if people don’t believe that it is a worthy asset, so gold always takes the lead in these cases.
She also claimed that gold has real uses. People can use it both in jewelry or in the electronics industry, meaning that it will have some value left even if people stop believing in its power as a store of value. Raw did admit, however, that crypto’s are here to stay and that they may not be completely forgotten anytime soon.
One issue that Raw did acknowledge was that the gold industry did not have many young investors. According to her, it is important to win back these younger investors between 20 and 40 years, as they are more interested in other assets at the moment. She also tried to dispel the notion that only “old people” still buy gold, as countries such as India and China are buying a lot of it.
Raw’s ambition is to get these new investors over time, as she believes that the gold industry has “its head in the sand” because it is simply ignoring such a big demographic in the industry.
Author: James W
A new survey has discovered that 40% of the Millenials in America would rather invest in crypto assets than any other kind of asset during an upcoming recession. According to the study, which was conducted by eToro with 1,000 online investors in the U. S. recently, Millenials are the most open investors to crypto.
According to the data, two-thirds of the investors are afraid of a recession, but their solutions for how to handle it are different. While 40% of Millenials have chosen crypto, 50% of Generation Z had chosen real estate. Generation X is more inclined to invest in commodities, with 38% of them choosing this kind of asset.
Another trend is that fractional ownership interest has spiked. 92% of the investors affirmed that they would like to own pieces of artwork during a recession while 55% of them were eager to sell a portion of their current portfolios if they could find new investments that could be more profitable than the ones that they have right now.
Finally, the study also concluded that high net worth individuals are more likely to invest in Bitcoin than any other kind of crypto asset, as it is the most famous and powerful one.
The managing director at the company, Guy Hirsch, affirmed that during a recession most portfolios would end up shrinking. The main difference now is that crypto provides a true new path. The investment would not be confined only to people with a high net worth. Retail investors and not only institutional ones could gain money during the recession.
Hirsch also affirmed that current investors want more freedom besides just following the status quo of investments and they see an opportunity in Bitcoin.
Author: BEG News Desk