ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

ING Explores Blockchain Innovations To Digitize Commodity Trades




ING's Q1 2017 report presents pretax growth and innovations in blockchain technology applied to commodity trading.

Global financial institution ING shot into 2017 with Q1 reports indicating a net profit of 1,143 million euros: a 39.3 percent pretax growth compared to 2016 Q1 results.

In a press release, ING CEO Ralph Hamers acknowledged innovations in blockchain technology.

Hamers details a wholesale trading milestone that was pioneered by Easy Trading Connect, ING's community owned platform which is powered by the Ethereum blockchain and was previously reported on by ETHNews. ING created the benchmark after "successfully completing the first test of a large oil trade using blockchain technology," by working together with global energy group Mercuria and French investment bank Société Génerale. The adoption of digitalized commodity trading has the potential to eliminate costly paperwork and bureaucratic processes that bog down the rate at which transactions can be completed.

Hamers said the deal "proves that the commodity trade finance sector, where processes are largely paper-based and labour intensive, can be digitalised."

ING wholesale banking PR officer Renée Schnitzler told ETHNews that ING became involved with the Enterprise Ethereum Alliance to "develop use cases" and "integrate with corporate/banking systems to achieve payments triggered by blockchain events" for Easy Trading Connect.

Time constraints and the intrinsic merits of the Ethereum blockchain also contributed to ING’s decision.

"Ethereum is a battle-tested blockchain platform with a Turing complete Virtual Machine that allows us to build the smart contracts we require for Easy Trade Connect," said Schnitzler. "Ethereum was the first platform of choice in [Easy Trading Connect] because it was meeting the use-case and both ING and Société Génerale had developed a first experiment in this technology."

Time will tell in what manner ING will move ahead as it continues to develop blockchain based commodity trades.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest ING, Easy Trading Connect or other Ethereum business and finance news.