Today FQX announced the completion of a pilot with Credit Suisse (Schweiz) that used blockchain-based promissory notes for trade finance. Swiss manufacturers SFS and Mikron were also involved in the trial.
eNotes are the legal equivalent of a tradeable IOU or promise to pay. They can be used for supply chain finance, trade finance, or general short term funding requirements. The solution uses electronic signatures to issue and transfer the eNotes securely.
Last year, FQX raised a $4.7 million seed funding round led by Early Bird Ventures, including SIX Fintech Ventures. According to crunchbase, that brings total funds raised to $6.7 million.
At the end of last year, Chairman, former CEO and co-founder Frank Wendt stepped down. The company currently has two co-CEOS and recently appointed a new chairman, James Courtenay, a veteran of Standard Chartered and ABN Amro.