According to cointelegraph, The Colombian Stock Exchange announced it is joining the Consorcio Colibrí, a private initiative that promotes the adoption of blockchain technology within the finance industry.
Via a partnership with member firm Contrato Marco, the CSE will use the Colibrí platform’s blockchain technology to improve operational efficiency in the over-the-counter derivatives market, which is currently time-consuming, expensive and difficult to reconcile with established manual procedures, according to the CSE.
CSE president Juan Pablo Córdoba stated that blockchain will streamline the clearing and settlement of operational guarantees.
According to La República, the agreement includes a strategy for implementing initiatives from the Fintech Connection Program of CSE and Sophos Solutions to accelerate digital transformation in different lines of business.
Juan Manuel López, executive director of the Contrato Marco said:
“The agreement reached with CSE will allow us to show the market that the future of financial infrastructures lies in blockchain technology.”