With the debt of €5.2m Marco Polo Network Operations declared as insolvent!
Marco Polo Network Operations is the Irish company and appointed administrators as per the declaration of court ruling that declared the company to be insolvent on 22nd Feb 2023. Marco Polo Network proposed to close the strategic deal of $12 million with Bank of America.
The court heard that Marco Polo Network possesses a debt of €5.2 million and their current liabilities are more than €2.5 million. It is also claimed by Marco Polo Network that the significant investment for making a product to replace the internal account automation of Bank of America. It is a crucial step for investment in Bank of America, as heard by a court ruling.
After the collapse of we.trade after 9 months, along with Serai, HSBC is also backing the trade platform which is blockchain-based, serious questions are also raised around commercial viability.
The Marco Polo Network, founded in the year 2017, was the platform based on blockchain that aims to streamline the process of international trade finance. With utilizing the blockchain technology, Marco Polo Network aimed to decrease the risk for errors and fraud in trade finance through offering the single and tamper-proof source about truth.
Also, Marco Polo Network claimed various proof of concept transactions. With such proof-of-concept program, SMBC completed the receivables finance along with the receipt commitment transaction in the year 2019. Moreover, in the year 2021 Marco Polo has also executed a discounting transaction for accounts receivable with the Japanese client.
For expanding into the Americas, Marco Polo has also completed the transaction with Servilamina Summit Mexicana, offering the receivables discount options.
It is also claimed by Marco Polo Network that it employed 91 people, operating 3 subsidiaries in US, Singapore and UK. Marco Polo Network has appointed Matt Burns and Griff Williams as the Sales Directors of Europe and US In January 2023, and also announced the role of Jonathan Conway as CTO from October 2022.
Originally published at https://www.emeriobanque.com.
