Today Singapore-based Contour announced it is now in production. The blockchain trade finance platform is backed by some of the world’s biggest trade banks, including Citi, HSBC and Standard Chartered. Just eight months ago, the company incorporated with seven founding shareholders and added another five banks since then.
Going live is a critical step, but as we’ll explore below, doesn’t necessarily mean volumes will be quick to follow, as it takes time for banks to get into production and network effects to kick in.
Contour, formerly called Voltron, has an initial focus on Letters of Credit, which historically have involved a very paper based process. Pilots on the platform have demonstrated it reduces the average processing time from ten days to 14 hours.
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