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According to ChainCatcher, the Kanoo family of Bahrain is pushing to migrate the $6 trillion cross-border trade market onto blockchain.
Heir Abdulla Kanoo of the wealthy Bahraini Kanoo family is leading the effort to transfer approximately $6 trillion of cross-border trade onto blockchain infrastructure.
The initiative aims to address inefficiencies in traditional correspondent banking, which limit settlement speeds and liquidity.
Kanoo's company ARP Digital is building a network for capital flows to settle between emerging economies, reducing remittance costs and intermediary steps.
By 2024, trade between emerging markets will exceed $6 trillion, accounting for about 25% of global trade, and could grow to $32 trillion by 2030.