Today, the blockchain initiative founded by global agribusiness firms Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus officially launched under the banner of
Covantis. The project aims to replace legacy post-trade processes with blockchain, AI and other solutions.
The initiative was
launched last year by the four firms, with
COFCO and
Glencore joining the consortium later on.
Geneva-based Stefano Rettore will head the Covantis initiative in the interim until a governance model is in place, and a CEO is appointed. Rettore is an agribusiness veteran who previously served as the president of ADM’s origination business and as the company’s chief risk officer. Before that, he spent more than 14 years at Fortune 100 farm supply firm CHS.
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.
Image Copyright: covantis
