Earlier this week, blockchain firm komgo announced it bought another commodity trade finance platform, TRAFEC. The acquired company has almost 100 corporates on the platform and was founded in 2011 by Swiss association STSA and banks. Terms were not disclosed, but we also have a revealing update on komgo’s funding.
Just over a year ago, komgo went live targeting the oil sector, and as of last September had processed around $800 million in transactions on the platform powered by Quorum. The solution is integrated with the oil post-trade blockchain VAKT.
Several of the banks are common to both the komgo and TRAFEC platforms such as ABN Amro, BNP Paribas, Crédit Agricole, ING, Natixis and Société Générale. Other Swiss banks not currently on komgo include BCGE and commodities trade finance specialist BCP.
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.
