Singapore-based Contour trade finance network backed by nine major banks said it planned to shutter late last year. Now, Xalts a Citi and Accel-backed startup, has announced that it has acquired the blockchain network. While the company didn’t disclose the details, Techcrunch said the consideration was in the high single millions composed of cash and stock.
The Contour big bank backers included BNP Paribas, HSBC, ING and Standard Chartered. Xalts and Contour have a common investor in Citi. “The combination of these two companies into one firm with an expanded vision and a great leadership team will accelerate innovation in global trade finance,” said Everett Leonidas, Director, Citi Ventures.
Since its Series A funding announcement in October 2022, Xalts appears to have pivoted towards infrastructure and providing blockchain and tokenization solutions rather than focusing on digital assets. Apart from trade finance, it also has a loyalty solution and plans for a lending application.
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