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Lygon
Lygon is a blockchain-based platform that digitizes the bank guarantee process for commercial banking, offering same-day issuance and reduced risk of fraud and handling errors.
Distributed
Description
Lygon is a fintech company/consortium, founded in 2019 in Melbourne, Australia, formed to digitize the traditionally paper-based bank guarantee process used in commercial real estate and banking. Its platform, built with IBM Services on Hyperledger Fabric distributed ledger technology, manages the end-to-end bank guarantee lifecycle with greater speed, security, and transparency, reducing processing times from up to a month to less than a day. Members and partners involved in the consortium have included Australia and New Zealand Banking Group (ANZ), Westpac Banking Corporation, Commonwealth Bank of Australia, Scentre Group, and IBM Australia. Lygon issued the first industry-standardized digital bank guarantee in Australia, marking one of the first commercial banking uses of blockchain technology in the country.Grant Funding
VC Funding
None
2022
$0
$1.3M