Standard Chartered Conducts First Blockchain Trade in Bangladesh
Cointelegraph
Published Aug 16, 2020 02:00PM ET
Updated Aug 16, 2020 03:40PM ET
Standard Chartered (OTC:SCBFF) PLC, a British multinational banking and financial services company headquartered in London, England, has successfully leveraged blockchain technology to conduct Bangladesh’s first blockchain trade transaction, according to Newage on August 16.
The Standard Chartered bank (LON:STAN) issued a Letter of Credit (LC) for the trade between garment exporter Viyellatex Ltd and Viyellatex Spinning on the Contour blockchain network. LC is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount.
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Written By: Cointelegraph
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