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Banks back blockchain-based commodities platform
- Thursday | 20th September, 2018
LONDON (Reuters) – Global banks and trading firms are launching the first blockchain-based platform for financing the trading of commodities from oil to wheat, they said in a joint statement on Wednesday. The firm will work alongside Vakt, an energy trading platform run by many of the same shareholders in komgo. Komgo will provide the financing via blockchain for all commodities and can scale itself up to new and emerging commodities. The platform will be run by a venture called komgo SA, based in Geneva, Switzerland, and is due to go live later this year. Banks and major trading firms have been testing numerous pilot schemes across commodities over the last few years but this venture will be the first that any firm can join.
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