Yesterday Russia’s Sberbank announced that it had joined the komgo blockchain trade finance network. According to Sberbank, its Swiss subsidiary has financed more than $5 billion in commodity trades to date.
Komgo specializes in commodity trade finance, initially letters of credit for oil. Since the first transaction in late 2018, it has processed well over a billion dollars of trades. Ten global banks founded the company, alongside commodity traders and oil majors. Since then, it added three more shareholders in blockchain developer ConsenSys, oil company Total, and another un-named shareholder.
Given Russia’s importance for commodity trading and oil and gas in particular, Sberbank is potentially an important addition for komgo. We believe Sberbank is a member rather than a shareholder, similar to SMBC, which joined two months ago.
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