komgo’s Blockchain Trade Finance Platform — January 2020 Updates | ConsenSys
Highlights from komgo’s outstanding timeline and rapid results
ConsenSys-backed komgo has achieved many milestones since its launch. The commodity trade finance platform channeled over USD 700m of financing by network members last year, rolled out crucial features, and reduced the time to issue a digital letter of credit by 99.58%. This post highlights the platform’s outstanding timeline and rapid results.
komgo’s Impressive Timeline
- 20 December 2018 — komgo launched in production 4 months after its incorporation
- 21 December 2018 — The first letter of credit was issued on the platform. This marked a world-first for the commodity trade finance industry.
- 14 June 2019 — komgo announces two new features: Receivable Discount and Standby Letters of Credit.
- 16 August 2019 — ING successfully completed its first commodity transaction on komgo. The Geneva branch executed an oil trade deal with a Letter of Credit issued on behalf of Mercuria Energy Trading SA.
- September 2019 — TOTSA Total Oil Trading SA joined komgo, the first client to onboard from outside the initial shareholder group.
- 25 September 2019 — Lloyds Bank became the first UK bank to join komgo.
- 14 October 2019 — komgo surpassed USD700m of financing on the platform.
And much more.Click here to access the komgo case study
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