Earlier this month, tech startup
Finboot announced that it has secured investment from energy firm and a blockchain traceability contract from energy firm Repsol. The oil giant, which produces over 700,000 barrels per day, participated in Finboot’s latest funding round and now owns an 8% stake in the firm.
Spain/UK based Finboot offers blockchain as a service (BaaS) solutions mainly to the oil and gas, chemical, retail, and automotive industries, with plans to expand this reach. Its platform for developers, BlockLabs, is powered by the firm’s flagship enterprise software MARCO.
Meanwhile, Repsol has previously collaborated with
BBVA on a blockchain issued loan. The firm has multiple green energy projects on the go and has acceleration programs such as the Fundación Repsol Entrepreneurs Fund, which initially helped BlockLabs reach its pilot stage.
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