In collaboration with partners, SGS, the specialist of inspection and certification, launched a new blockchain-based platform for commodity trading in Geneva. This new company is named Komgo and will operate autonomously by the end of 2018.
Among the co-founders of this new venture are renowned names from the banking industry such as AMRO, BNP Paribas, Citibank, Crédit Agricole Group, Société Générale, as well as the oil corporation Shell. Komgo will seek to make financing possibilities in trading more efficient and secure.
“The launch of Komgo SA highlights a shared vision for industry innovation and underlines the ongoing commitment among members to build a truly open and more efficient network within commodity trading”, said Souleïma Baddi, Chief Executive Officer of Komgo SA in a press release.
The platform is being in partnership with ConsenSys, the largest blockchain software company of the Ethereum network. “We are now entering a new era of simple and inclusive access to blockchain technology to advance stronger, more collaborative, business relationships previously out of reach. We are thrilled to see leading commodity trade finance banks and commodity houses come together to create Komgo SA, which will radically simplify and accelerate trustworthiness, auditability, and accessibility to trade financing across the industry”, said Joseph Lubin, co-founder of Ethereum, and founder of ConsenSys.
Geneva, a global trading and blockchain hub
Over the last 5 years, Switzerland has emerged as a leading hub for blockchain technologies thanks to its strong culture of privacy, data protection and decentralized institutions, as well as its progressive regulation. Geneva is home to the Fusion accelerator, which has launched Blockchain Lab to strengthen the capacity of the local blockchain community, the Swiss Blockchain Association, which aims to foster deep knowledge around blockchain technologies, and The Global Blockchain Business Council (GBBC), among others.
