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Tradeshift, a supply chain management firm, recently announced the expansion of its blockchain division after receiving backing worth $250 million. The Series E funding was led by Goldman Sachs and PSP Investment, bringing the overall backing to $400 million.
HSBC, H14, and other major contributors also numbered among those that supported the supply chain firm, increasing the company’s value to $1.1 billion. Tradeshift said that the investments received will be allocated to the cultivation of vital sectors with an emphasis on blockchain technology and artificial intelligence. Both of these innovations will be overseen by its Frontiers innovation lab, which was launched on January 2018, Cointelegraph reported.
Christian Lanng, co-founder and CEO of Tradeshift, said that the investment will allow them to accelerate their expansion and solidify their leadership standings. “We welcome Goldman Sachs and PSP Investments as our newest investors and look forward to their valuable contributions as we enter our next growth phase,” the CEO added.
According to a recent report released by auditing firm Deloitte, the supply chain industry is poised to benefit the most from the value that blockchain brings. And these benefits can then extend all the way to the everyday consumer
“If blockchain can create efficiencies and save costs throughout the supply‐chain, these benefits can be passed on to the consumer in the form of lower prices,” the report said. Moreover, transparency through every process of the supply chain will ensure that the products reaching consumers are safe and are of the highest quality, while improving the efficiency of Tradeshift’s services.
It can also be noted that Goldman Sachs's maneuver is parallel to its desire to create blockchain and cryptocurrency exposure. An executive of the multinational investment bank also shared earlier this month that Goldman Sachs is planning to launch Bitcoin futures, which will allow their clients the option to directly invest in the bank.
