Contour, the blockchain network for digitizing letters of credit, is to shutter at the end of the month, as first reported by Global Trade Review. The company was unable to secure additional funding from its backers which included nine banks, most of them systemically important ones.*
In 2019, there were four major blockchain trade finance networks. In June 2022, we.trade went insolvent, followed by Marco Polo in February this year. Komgo is the only one left standing. While not specifically targeting trade finance, IBM and Maersk shuttered TradeLens a year ago.
Earlier this year a source told Ledger Insights that Contour was processing just 60-70 transactions per month, which makes it tricky to sustain.
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