Share this article
Bank of America Latest to Conduct Blockchain Trade Finance Trial
Bank of America has revealed it is working on a blockchain-based trial centered on trade finance.
By Pete Rizzo
Updated Sep 11, 2021, 12:09 p.m. Published Mar 1, 2016, 3:50 p.m.
Bank of America has revealed it is developing a blockchain-based trial centered on trade finance.
The move is the latest that finds the multinational banking institution seeking to position itself as an early adopter of the technology. In late December, Bank of America revealed it had filed a rush of new patents related to the industry, a development that followed the November news it had partnered with consortium startup R3.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Financial News reports that Bank of America believes blockchain could come to replace the more manual processes that dominate global trade.
Jason Tiede, head of innovation for global transaction services at Bank of America, told the news outlet:
"We are working on a pilot in the trade finance space. As trade finance often relies on manual, paper-based processes, it serves as an interesting use case of the value of digitising an asset on a distributed ledger."
Notably, the project is being developed with another unnamed bank, outside of R3. Tiede suggested Bank of America’s pilot could be completed by this spring.
With the announcement, Bank of America joins Standard Chartered and Development Bank Singapore (DBS) as major banks that are seeking to apply blockchain technology for use in trade finance. Both Standard Chartered and DBS are currently working on a Ripple-based solution they aim to commercialize following successful testing.
Businessman 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
Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
