For over a century, traditional Letters of Credit have powered up to 15% of all global trade, securing more than a trillion dollars’ worth of goods each year. The core concept being to enable a more reliable way to provide promises from one company to another.
However, as global trade grows and evolves, the banks’ traditional Letters of Credit haven’t kept up, with cracks starting to show in the system behind it all. From costly fees, to long delays, and even high-profile cases of fraud and fabrication.
This is exactly where Anvil’s onchain Letters of Credit (LOCs) come in, offering the long-overdue modernization this system has needed, and setting the stage for a faster, more transparent, and reliable way to trade goods worldwide.