Today R3 announced that it has acquired the intellectual property and the team behind Ivno, the tokenization platform. The technology allows the issuance of stable coins but also allows the interchange of different bank coins or settlement tokens.
Ivno’s platform uses R3’s Corda enterprise blockchain and smart contracts to tokenize a variety of assets ranging from cash and collateral to works of art. However, we believe he spent a lot of time working on cash tokenization with R3. And a large number of financial institutions are using R3 technology.
Ivno focused on both Corda-based tokens and APIs to connect the tokens to other platforms.
“Digital liquidity and token liquid assets represent one of the biggest innovations in financial markets,” said Todd McDonald, chief product officer of R3, in a statement released today. “The underlying technology offers an opportunity to dramatically optimize the cost and speed of financial transactions. ”
He continued, “Acquiring Ivno’s high-quality Corda-based software significantly accelerates R3’s ability to provide our customers with professional-grade, regulatory-compliant stablecoin issuance capabilities. As a first step, Ivno’s capabilities will be integrated into the R3 sandbox for digital currencies.
When we spoke to Ivno CEO Aaron Grantham in April, we asked him for a prediction on bank coins or interoperable settlement tokens. For example, hypothetically, how quickly an institution like Bank of America could trade coins with JP Morgan. “I would be surprised if that didn’t happen this year. But I don’t know, ”Grantham said, not to mention one particular bank. “And to be honest, I don’t think technology is the limiting factor in that.” The real obstacle is organizational, decision making more explicit.
There are several groups working on exchangeable bank tokens. These include Partior in Singapore, which is working on an interbank payment system developed by DBS Bank, JP Morgan and Temasek. And UK-based Fnality backed by 14 banks and the Nasdaq seeks to symbolize central bank money.
Also noteworthy is Ivno’s CTO, Ryan Gledhill, who is an expert in Corda but has a solid background in Ethereum. He would probably have his hands full on Ivno’s work alone. However, as we reported earlier, R3 also has an Ethereum-based exploratory project to bring DeFi into regulatory compliance and prevent the price advance.