London-based fintech firm Ivno published a press release on Wednesday announcing the completion of the Ivno Global Tokenized Collateral Trial, wherein 28 organizations participated to create $18B worth of Trial Tokens on the R3 Corda platform, hosted on Microsoft Azure. These tokens were also transferred in the Ivno network during a live demonstration to showcase use cases of mobile collateral tokens. Other participating organizations include Natixis, Itaú Unibanco, and unnamed banks from the US and the UK.
Members were able to use Ivno’s core application to test atomic swaps between simulated ETF and collateral tokens, for real-time collateral mobility, and for the tokenization of internal cash to enable instant cash transfers.
The solution developed by Ivno, built on R3’s blockchain platform Corda, will purportedly alter the financial landscape by reducing infrastructure costs, removing inefficiencies, and creating new business opportunities. This was also the first token trial conducted on Corda. David Rutter, CEO at R3, commented on the situation: "the number and calibre of participants we have seen take part in the Ivno token CorDapp trial is testament to blockchain's growing use cases.”
Ivno co-founder Daniel Halstead was quoted in the press release as saying "the size, scale and success of the Ivno Global Trial validated Ivno's technology and financial design and confirmed the desire and demand for live deployment. We welcome engagement with future customers of Ivno's live service due Q1 2020.”