The <a href="https://www.cryptoknowmics.com/crypto/divergence-between-bitcoin-and-yuan-consequence-of-the-us-trade-war-u-s-china/">China</a> Construction Bank (CCB), one of the major Chinese commercial banks, has officially released the second version of its finance trading Blockchain platform. This includes cross-chain and inter-bank transactions, as trading volume surpasses $53 billion.

According to a Chinese media<a href="http://www.xinhuanet.com/money/2019-10/10/c_1210306624.htm"> report</a>, CCB vice president Ji Zhihong said the platform will leverage blockchain technology to improve financial services for Chinese exporters. He was speaking in Beijing at the official launch of the upgraded platform BCTrade2.0.

Initially, the platform was originally launched in April 2018. Up to date, the platform has processed over $53.5 billion transactions between exporters, banks and non-bank financial institutions. The platform offers forfaiting and factoring services. This enables exporters to get instant money by selling their medium and long-term receivables at a discount price.

Moreover, the new features in the platform, cross-chain function will allow the CCB’s 54 domestic and international branches to process transactions with each other. This will include also another 40 banking institutions; including both state-owned and foreign banks, commercial banks and non-bank platforms.

Furthermore, the commercial bank has appointed its subsidiary, Jianxin Financial Services, to maintain and run the new Blockchain platform. The Fintech firm based in Shanghai was launched in April this year by the bank’s affiliates.

In addition, this is the latest effort by the bank to improve the efficiency of its banking system for export trade financing using Blockchain. It had completed Blockchain-based trading through factoring transactions back in January 2018.

“The move is in line with China’s economic plan to promote trade amid the One Belt One Road Initiative and help grow the real economy in the country,” read the bank’s statement.
<h2>Blockchain Banking In China</h2>
In conclusion; all the four major Chinese government owned banks have started blockchain-based financial services initiatives in the last two years. These banks include CCB, Industrial and Commercial Bank of China, Bank of China, and Agricultural Bank of China.

Giant Chinese Bank Expands Blockchain after $50 Billion Transacted

The China Construction Bank (CCB), one of the major Chinese commercial banks, has officially released the second version of its finance trading ... %

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Giant Chinese Bank Expands Blockchain after $50 Billion Transacted

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