Saudi Aramco invests $5m in oil blockchain VAKT - Ledger Insights

Today, post-trade oil blockchain platform VAKT announced a $5 million investment from Saudi Aramco Energy Ventures (SAEV). Additionally, Aramco Trading Company will join the platform as a user. With SAEV’s investment, VAKT will now have 13 shareholders. The capital will be used to develop the platform further and expand it into Asian markets. VAKT is currently live in North Sea crude oil trades and is already processing more than 90% of the total transactions. Aramco Trading will bring its own North Sea trading volumes, further boosting the platform. “This company (Aramco) – part of the most profitable business in the world – has a strong track record of investing in industry innovation,” said Richard James, CFO of VAKT. “We were not proactively seeking further investors; however, we could not miss the chance to bring on-board a partner of this caliber, which is a tremendous show of faith in VAKT’s vision.”

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.

You may also like