More Banks to Sign Up for ING’s Ethereum Oil Trading Platform

by Michael del Castillo , Coindesk Dutch bank ING is winding down work on more than 20 blockchain applications, and that’s a good thing, according to one of the bank’s directors of innovation. That’s because what remains from a host of small experiments aimed at creating models, understanding blockchain interoperability and developing a wide variety of technical skills are five applications currently being developed into pilots for real-world applications. While multiple pilots are still being developed behind closed doors, two have already been revealed. One is a soon-to-be-launched platform for trading natural gas. The other is an oil trading pilot built on ethereum that has already conducted live transactions. Now, the bank’s head of wholesale banking innovation, Ivar Wiersma, has revealed to CoinDesk that ING is preparing to open the platform up to other banks with an eye, not just to saving money, but generating revenue too. Wiersma explained the strategy behind the decision to CoinDesk: “It’s easier if you only work with a small number of people to make decisions on tests and iterate and test your hypotheses and test your metrics. Only in the next stage will we be looking to expand that network.” Details of the project

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