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Fintech firm R3, 8 banks test blockchain platform for Treasury bond trading

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Fintech firm R3, 8 banks test blockchain platform for Treasury bond trading

U.S.-based fintech firm R3, State Street Corp. and seven other banks successfullytraded U.S Treasury bonds using a blockchain platform that enables automated couponpayments and redemption, among other features, Reuters reported Sept. 26.

Aside from State Street, seven other banks involved in U.S.Treasury debt project — all of which are R3 consortium members — includeCIBC World MarketsInc., ING BankNV, HSBC HoldingsPlc, Bank of NovaScotia, SociétéGénérale SA, UBSGroup AG and UniCredit SpA, according to the report.

The blockchain platform is powered by Intel Corp.technology, the report added.