FQX is a startup that enables electronic promissory notes using blockchain or eNotes. Yesterday it said it processed two further financings for an unnamed Swiss commodity trader to the tune of $500,000. The solution uses the Swiss Trust Chain, the blockchain infrastructure developed jointly by Swisscom and the Swiss Post. Switzerland is one of the major world hubs for commodities trading.
These transactions were used to finance two transatlantic shipments of metals. Instead of using a bank, the funding for the eNotes was provided by a private investment firm. Yesterday we reported that Triterras had become a Nasdaq listed unicorn based on billions of dollars of blockchain trade tracking as well as trade finance provided by non-bank institutions.
“Electronic promissory notes make liquidity available where it is needed for businesses, while also offering attractive investment opportunities for financial institutions,” said Frank Wendt, FQX CEO. “Each eNote issued via FQX is assigned an ISIN number, making it easily transferable to other investors.”
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.
