Covantis, the blockchain consortium started by the world’s biggest agribusiness companies, has incorporated in Geneva Switzerland and appointed a CEO. The company is owned by Archer Daniels Midland (ADM), Bunge, Cargill, COFCO, Louis Dreyfus Company, and Glencore Agriculture. The new CEO is Petya Sechanova, who has been with Cargill in Geneva for more than ten years as Trade Execution team leader.
Additionally, regulatory approval for Covantis has also been granted. It’s not a huge surprise that the company has incorporated in Geneva, given the concentration of commodities firms in the region. Commodity trade finance startup komgo is also Geneva-based.
A six-person board of directors will have a representative from each of the founding firms. The initial Chair of the board will be from Louis Dreyfus for the first 12 months, after which the role will rotate amongst the founding members.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
