Monroe-Sheridan Foreign Law Office Advises Mizuho Bank in Connection with Distributed Ledger Payment Commitments

Monroe-Sheridan Foreign Law Office advised Mizuho Bank in connection with the use of blockchain-based distributed ledger payment commitments in certain metal commodities transactions, which were publicly announced on August 24, 2021.

The press release announcing the transactions is available here:

From the press release:

Metal commodities worth around $43 million were purchased from one of the largest mines in Peru under the initiative of Mitsubishi Corporation (Americas). The purchases were made over multiple transactions using Skuchain‘s currency agnostic blockchain for digital trade assets that were used for payment through Mizuho Bank.

The digital asset issued by the buyer was a Distributed Ledger Payment Commitment (DLPC), a digital negotiable instrument with a full-fledged legal framework published by BAFT (Bankers Association for Finance and Trade), the largest trade association for transaction banking.

Note: Disclosure of previous engagements is made with the consent of the client.

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