The Medici family pioneered the practice of using the letter of credit in the banking industry to facilitate international trade. This financial instrument allowed merchants to conduct transactions across borders more easily and securely by providing a guarantee of payment.
What practice did the Medici family pioneer in the banking industry to facilitate international trade?(1 point) Responses Double entry bookkeeping system Double entry bookkeeping system Letter of credit Letter of credit Holding company concept Holding company concept Digital-only banking
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