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Digital Currency Group, Amino, FBS Capital Invest In Blockchain Startup Skuchain
California-based blockchain startup Skuchain has announced that is developing blockchain-based products for B2B trade finance and supply chain finance to address the $18 trillion global trade finance market that largely depends on paper documentation.
"Skuchain's vision of building a "commerce cloud" where trade partners can interact friction-free and gain deep visibility into their supply chains is compelling," says Barry Silbert, Founder and CEO of Digital Currency Group. Silbert added, "The Skuchain team and blockchain-enabled product is well-positioned to transform the trade finance space and DCG is thrilled to back such an ambitious effort."
The blockchain offers a secure and digitized solution, which removes the need for paper-based processes and at the same time improves speed, reduces cost, and makes financing available to small and medium sized businesses even in remote locations.
The company said that the development projects on track with several international banks, and is supported by investors including Amino Capital, a venture firm focusing on seed to growth-stage investments in big data and data-driven technologies; Digital Currency Group that builds and supports bitcoin and blockchain technology-related companies, and Fenbushi Capital, the first China-based venture capital firm that exclusively invests in Blockchain-enabled companies.
“Skuchain's blockchain technology will help trading partners work better together, and unlock faster and cheaper financing for businesses of all size”, said Sriram Srinivasan, co-founder and CEO of Skuchain.