Share this article
250 Corporates Join ICICI Bank Blockchain Test
Indian private bank ICICI Bank has on-boarded more than 250 corporate firms to undertake trade finance transactions on blockchain network.
Updated Sep 13, 2021, 7:50 a.m. Published Apr 18, 2018, 12:03 p.m.
Banking giant ICICI is moving ahead with a previously revealed blockchain trade finance initiative.
Announced Tuesday, the India-based company has enlisted more than 250 corporates to undertake domestic and international trade finance transactions using ICICI's blockchain platform.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Corporate firms have signed up on the bank's blockchain application and are using the technology in cross-border remittance for the payment of employee salaries, raw materials to domestic partners and payments to domestic vendors, a company release said.
As such, Chanda Kochhar, managing director and CEO of ICICI foresees blockchain having "immense potential to simplify the document-intensive trade transactions."
Commenting on further moves, Kochhar said:
"We are also collaborating with peer banks and other partners to create a comprehensive ecosystem in the industry using blockchain and evolve common working standards to contribute to even greater adoption of this initiative."
ICICI added that its blockchain application will help participating banks view data for such transactions in real-time. Buyers, sellers and other parties can also track documentation and asset authentication with the help of a series of encrypted and secure digital contracts.
The inclusion of corporates comes in line with ICICI's successful completion of blockchain-based cross-border transaction for trade finance with Emirates NBD in 2016.
ICICI website homepage image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
