Fifteen global banks, trading firms, and an inspection company launched on Wednesday a new venture under the brand komgo SA. The new entity, headquartered in Geneva, Switzerland, will develop a blockchain-based open platform to digitalize the trade and commodity market. The list of founders includes ABN AMRO (AS:ABNd), Citi, BNP Paribas (PA:BNPP), Crédit Agricole Group, Societe Generale (PA:SOGN), ING, Shell (LON:RDSa), Gunvor, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, and SGS. The venture plans to launch the platform by the end of this year.
Initially, komgo will be used for energy, with the first trade operations to be oil cargoes in the North Sea. Starting in 2019,...
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