Yesterday Factorin, the leading Russian trade finance blockchain, said that 51% of the company was sold for 867 million rubles ($12 million), of which 350 million rubles ($4.75 million) was invested in the company. The investors are Russia’s largest mobile phone company MTS and existing investor Digital Horizon.
Factorin’s blockchain solution hosts more than 40 banks and factoring firms as well as more than a thousand buyers and sellers. MTS is one of its clients, as are retail chain stores Dixy and Magnit.
Since the launch of the solution in 2019, it has processed 225 billion rubles ($3 billion) for 1.6 million deliveries. Its Ethereum-based private network has 59 nodes. The solution offers multiple trade finance tools, including factoring and dynamic discounting.
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