Yesterday a new DLT gas joint venture Eleox announced the launch of its first solution – Ox Pair for trade confirmations. The joint venture members are bp, Castleton Commodities International (CCI), Koch Energy Services, Macquarie, Mercuria Energy America, and Shell Energy North America.
“We have a distinct advantage in that six leading companies in the industry are giving us constant testing and feedback to perfect products that will transform the post-trade process,” said Matthew Almy, Eleox’s CEO. “Without their invaluable input we would not have been able to launch our first DLT product within 12 months.”
The advantage must also be the DLT experience of several of the members. Four of them (apart from CCI or Macquarie) are participants in another DLT post trade venture, UK-based VAKT which targets the oil sector. VAKT is one of the most mature DLT joint ventures and has been a roaring success. Within months of going live in 2018, it was recording two thirds of North Sea crude trades.
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.
