Today London-based oil blockchain platform
VAKT announced three new investors, Chevron, Total and Reliance Industries. The latter is India’s biggest publicly traded company by market capitalization and the eighth largest energy company in the world (according to Platts). With the latest announcement, five of the world’s top ten energy companies are VAKT investors.
In November VAKT
launched its post-trade blockchain for the Brent crude oil market. That’s the first target market, and it’s planning other oil segments this year such as ARA barges, waterborne markets and US crude pipelines. It was a “soft” launch given the platform is running in parallel to the internal systems of the organizations involved. The first companies were BP, Shell, Equinor, Gunvor and Mercuria, all founding investors. The three new investors will join them as early system users.
VAKT plans to make the platform available to non-consortium members soon.
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