Japanese conglomerate Marubeni will invest in Switzerland’s Covantis, a blockchain startup founded by the world’s leading agribusiness firms, ADM, Bunge, Cargill, COFCO Corporation, Louis Dreyfus Company and Viterra (formerly Glencore Agriculture). The platform aims to improve efficiency and transparency in post-trade execution for the bulk agricultural commodity sector.
“International bulk commodities trading, including grain & oilseed, requires complicated business workflows including preparing, exchanging, and confirming many physical documents like contracts or certificates between multiple parties throughout the supply chain from supplier to buyer,” said Mr Terakawa, CEO of CEO of Food, Agriculture & Chemicals at Marubeni.
“The issue at stake is to improve efficiency, accuracy, and transparency in the industry and we are proud to participate in the initiative which provides these solutions.
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