Today, development finance institution Eastern and Southern Trade and Development Bank (TDB) said it carried out a blockchain trade finance transaction on dltledgers platform along with Singapore’s Agrocorp. The transaction involved a $22 million white cane sugar trade from Asia to Africa.
For dltledgers this represented another milestone after it passed the
$1 billion mark in transactions using its platform several months bank. The startup says its the first trade on its platform for Africa and the largest single transaction.
Agrocorp acted as the seller and trading partner, and shipped 50,000 metric tons of white cane sugar to a buyer in one of TDB’s member states, with TDB as the negotiating bank. With trade finance using blockchain, TDB was able to save four days in processing the transaction, and dltledgers expects the number to reach eight days in upcoming trades.
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