VAKT, the blockchain post-trade solution for the oil sector, announced that Argus Media and S&P Global Commodity Insights have invested in the platform that raised $57 million previously. The two benchmark pricing firms join heavyweight shareholders, including energy firms BP and Shell, traders Gunvor, Koch and Mercuria, and major banks. IHS Markit, now part of S&P Global, quietly invested in VAKT during 2021.
The real question is, why would companies known for their benchmark pricing get involved in a post-trade solution? The answer is the planned future tokenization of oil contracts which VAKT confirmed in the announcement.
“By interfacing with Argus’ systems and data, VAKT customers will benefit from enhanced information and intelligence flows, which could transform the way energy and commodities markets work,” said Argus Media Chairman and CEO Adrian Binks.
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