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TradeIX unveils first open blockchain-powered platform ‘TIX’ for trade finance
TradeIX, a shared platform for trade finance, has announced the launch of its revolutionary TIX Platform, the first open platform that rewires trade finance powered by blockchain technology.
With the launch of TIX Platform, banks, alternative funders, Business-to-Business (B2B) networks, corporates and others, gain a smarter, more connected and more secure way to finance trade related assets anywhere.
“The TIX Platform by TradeIX represents the dawn of the “internet of trade” and it has the potential to transform trade finance. The efficiencies and capabilities made possible with our TIX Platform enhance the value proposition for every party involved in trade and the supply chain,” Rob Barnes, CEO of TradeIX, said. “Banks can lower processing and back-office costs, improve current commercial offerings and generate new financeable assets, all while increasing traceability and reducing risk. Corporates can benefit from making data available securely to many of their trading partners. Additionally, they get access to competitive funding for different trade assets. And B2B networks can provide blockchain capabilities to their customers and generate additional revenue streams by using our platform to give their clients access to multiple financial institutions offering trade finance.”
Formed by industry veterans in the fields of banking, trade finance and blockchain technology, the company TradeIXis working with leading investors in the financial services space such as Kistefos, a private investment firm.
The TIX Platform enables the participants of trade finance to more easily, flexibly and efficiently connect to the broader trade finance market that includes buyers, suppliers, financial institutions, underwriters, among others. The Platform will also offer benefits to all trade finance parties with the help of improved funding opportunities, low cost and minimized risk.
“The TIX Platform is a true game changer in the trade finance ecosystem. By applying blockchain technology to trade finance, the TIX Platform reduces complexity and the number of intermediaries involved, eliminates the settlement, custodian and counter-party risk and enables superior credit risk management,” Andy Berti, CTO of TradeIX, stated. “As an open platform, TIX is simpler for users to connect and use than proprietary platforms, can accommodate users’ different legacy technology systems and has potential for greater network effects.”