Industry leaders and banks to launch a blockchain-based commodities trade financing platform

Startups • September 19, 2018, 9:50AM EDT
The Block

Fifteen global banks, trading, inspection, and energy companies have come together to form a new venture dubbed komgo SA. Komgo SA seeks to digitize the trade and commodities finance sector through the use of blockchain. Komgo SA plans to launch two products by the end of 2018:

  1. A decentralized KYC platform.
  2. A digital letters of credit.

Komgo SA will be built on the Ethereum blockchain in partnership with ConsenSys. (Source: Komgo SA)