Right this moment the blockchain commerce finance community Contour introduced it has closed its Sequence A+ funding with out disclosing the quantity.
After beginning because the Voltron Letter of Credit score consortium, the corporate was incorporated in Singapore in January 2020, backed by seven world banks – Bangkok Financial institution, BNP Paribas, CTBC, HSBC, ING, SEB, and Commonplace Chartered. Enterprise blockchain agency R3, Bain & Firm and developer CryptoBLK had been additionally concerned from the beginning. All participated within the Sequence A+ funding with the addition of Citi and SMBC.
Other than the 9 shareholder banks, an extra ten banks have joined the community and a complete of 13 are dwell on the platform, following the transition to a production network in October 2020.
Pretty early on, the consortium mentioned that digitizing the Letter of Credit score course of was step one. Now the corporate has confirmed that it has an in-house group exploring different trade finance choices and expects to double its group measurement over the approaching 12 months.
“BNP Paribas endorses and promotes options for a simplified, automated and digital therapy of LC’s, and of commerce typically,” mentioned Jean-François Denis, World Head, Commerce Options at BNP Paribas. “A large market acceptance of a platform like Contour ought to in the end profit all gamers within the commerce ecosystem by taking away the ache factors the market has struggled with for a very long time.”
The corporate mentioned that it has processed Letter of Credit score (LC) transactions for varied sectors, together with metals, vitality, petrochemicals, textiles, tender commodities, and retail.
Commodities account for a big proportion of LCs, whether or not digital or not. One other blockchain platform, komgo, is focusing on LCs for the vitality sector with plans to broaden into different commodities. It introduced it raised $29 million in its third round of funding earlier this month.