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Marco Polo Trade Finance Network’s Holding Company Goes Bankrupt

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It is reported that the holding company of Marco Polo Trade Finance Network (formerly TradeIX) entered bankruptcy in Ireland. The blockchain network has more t…

Marco Polo Trade Finance Networks Holding Company Goes Bankrupt

It is reported that the holding company of Marco Polo Trade Finance Network (formerly TradeIX) entered bankruptcy in Ireland. The blockchain network has more than 30 bank members, such as Commerzbank, Bank of New York Mellon and SMBC. Its supporters include ING Ventures and BNP Paribas. Recently, a potential $12 million deal with Bank of America failed, and the company failed to find a substitute investor. The company’s liabilities exceed its assets by 2.5 million euros (2.6 million dollars). The total debt is 5.2 million euros (5.5 million dollars), of which the tax bureau owes 2.6 million euros (2.7 million dollars). The latest account submitted is the account for 2021, showing a loss of nearly US $29 million and a cumulative loss of US $85 million. The largest external shareholder is Kistefos, followed by Japan’s SBI, ING, SMBC and BNP Paribas.

Marco Polo, the blockchain trade financing network, has gone bankrupt

Interpretation of the news:


The Marco Polo Trade Finance Network (formerly TradeIX), a blockchain network with over 30 bank members, has hit a major setback as the holding company has gone into bankruptcy in Ireland. The company, which has been supported by financial giants such as ING Ventures and BNP Paribas, has been struggling to find investors, and its potential $12 million deal with Bank of America recently fell through.

The company’s liabilities exceed its assets by 2.5 million euros, with a total debt of 5.2 million euros. What’s more, the tax bureau owes the company 2.6 million euros, compounding its financial woes. The latest account shows a massive loss of nearly US $29 million, with a cumulative loss of US $85 million. The company’s largest external shareholder is Kistefos, followed by Japan’s SBI, ING, SMBC and BNP Paribas.

This news is a significant blow to the blockchain industry, as Marco Polo was one of the pioneering networks in this field. The company was founded in 2017 with the aim of using blockchain technology to streamline trade finance processes. It offered a secure and transparent platform for banks, allowing them to create digital trade finance instruments, such as purchase orders and invoices. This would help speed up the settlement process and reduce fraud and errors.

The bankruptcy of the holding company is a symptom of larger issues in the blockchain industry. Despite the hype surrounding this technology, it has yet to deliver on its promises. While many companies have tested blockchain for various use cases, few have managed to scale their solutions to a level where they can have a significant impact.

In conclusion, the bankruptcy of Marco Polo’s holding company underscores the challenges facing the blockchain industry. While the technology has shown enormous potential, it has yet to prove itself as a viable solution for large-scale finance applications. The fate of Marco Polo Trade Finance Network shows that even the most promising blockchain networks can struggle to find a foothold in the industry.

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