Reportedly, more than 15 partners have invested into a new blockchain-based platform aiming to transform commodity trade finance. The partners include the world’s largest institutions, and also pioneer banks such as ABN AMRO, Citibank, ING, Koch, and MUFG Bank.

The new venture is named ”komgo SA”, and is the first commodities blockchain-based open platform that is aiming to digitalise the trade and commodities finance sector.

CEO of komgo SA expresses that the launch of komgo SA highlights a shared vision for industry innovation, while also underlining the ongoing commitment among members to build a truly open and more efficient network within commodity trading. On the other hand, ”The potential that distributed ledger technologies have in transforming the commodities sector is clear as evidenced with the success of the Easy Trading Connect experiments” states Toon Leijtens, Chief Technology Officer of komgo SA. “We can now achieve a long-term ambition to improve security and operational efficiency in the commodity trade finance sector.”

The platform is under development currently in partnership with ConsenSys. Joseph Lubin, Co-founder of Ethereum, and Founder of ConsenSys shares his excitement of being part of a new era of simple and inclusive access to blockchain technology. ”We are thrilled to see leading commodity trade finance banks and commodity houses come together to create komgo SA, which will radically simplify and accelerate trustworthiness, auditability, and accessibility to trade financing across the industry.” he remarks.

komgo SA is planning to launch two products before the end of 2018. The first product is aiming to standardise and facilitate KYC at the absence of a central database, whereas the second is aiming to enable commodity houses or similar platforms to submit digital trade data and documents to komgo SA customer banks of their choice.

Read the exciting news here.