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Blockchain Revolution Series: Citigroup Ventures With Ethereum-Based Komgo To Target Trade Finance Domain
One of the reputed global banking giant, ‘Citibank’ has geared-up with its investment in the Ethereum-based decentralized trade financing start-up ‘Komgo’.
The global head of commodity trade finance at Citigroup, Mr. Kris van Broekhoven, has divulged the news of raising their equity in Komgo with an objective of enabling the company to further developing in commodity trade finance.
Companies like IBM laid emphasis on cryptography/tokenization and have promoted the integration of Blockchain based system with the conventional businesses from trade finance banking to supply chain management system. Evidently, it has instigated the Blockchain-based trial to track the shipment of various commodities.
With that said, the renowned global banking giant, ‘citibank’ has time and again appeared to have been in the news of its investment. Recently, they invested in ‘Contour’ which is the blockchain-driven trade finance network, per the announcement.
For now, Kris clarified in the recent past while speaking with ConsenSys as to how some of the largest institutions across the globe are coming together to build an end-to-end solution for commodities trade financing with the deployment of blockchain technology.
Of late, trade finance business and blockchain seem to be making the best combination in the advance era of technology and finance.
While komgo happens appears to be dedicated to establishing a decentralized digital platform for end-to-end solution of trade finance in the commodities space.
Citi is one of the founding investors of komgo when it was incepted in early 2018, and recently topped up their equity to allow the company to continue developing. For over a century, the banking industry has been highly relied on the exchange and manual processing of paper documentation. Now, blockchain technology serves as a catalyst to disrupt the industry towards the processing of electronic data. Banks and clients are eyeing on simplified, well-designed and swift user experience that is compatible with the digital tools.