A group of commodity traders and financial institutions presented a new blockchain venture.
The banks involved in the new platform, dubbed Komgo SA, include ABN Amro, BNP Paribas, Citi, Crédit Agricole, MUFG Bank and Société Générale, among others. The project has attracted an impressive list of commercial companies, including Koch Supply & Trading and Mercuria, as well as the Shell energy giant and the SGS inspection company.
Macquarie, Rabobank and Natixis are among the companies that started the new business. Ethereum Start-up ConsenSys collaborates with companies to develop the platform.
Komgo is the result of previous tests involving some companies, including SG and Mercuria, focusing on the Easy Trading Connect project. Further commitments to establish a blockchain-based platform for commodity trading together were made towards the end of last year.
"The launch of komgo SA highlights a shared vision for industry innovation and underlines the constant commitment of members to build a truly open and more efficient network in the trade of raw materials", CEO Souleïma Baddi declared in a statement.
Komgo going to live with two products by the end of a year: a system for the exchange of digital credit letters and a tool to go through the know-your-customer (KYC) process without requiring a central database.