People's Bank of China secures 4.7 million USD to further develop Blockchain

The People's Bank of China (PBoC) has secured 32.35 million yuan (~$4.7 million) in special funding for further developing its blockchain trade finance platform.

The funding, to be injected over three years, is expected to improve the platform for small and medium-sized enterprises (SMEs) to access a broader range of financing tools, the Global Times reported Monday, citing Xinhua News Agency.

Over 35 banks are currently part of the Blockchain trade finance platform, which has helped process 87 billion yuan (~$12.4 billion) worth of transactions as of December 2019.