US-based banking heavyweight Citi has reportedly “topped up” the equity level for Ether-powered trade finance firm Komgo.
Specifically revealed by Kris van Broekhoven – Citi Group global director of commodity trade finance – that the decision for bringing up the investment amount into Komgo has been finalized, as an assistance in helping the startup “continue developing”.
Komgo – officially established 2 years ago, via a collaboration with ConsenSys – functions with a primary target to make trade financing in the commodities markets more effective.
Komgo’s platform enables blockchain-enabled inter-communication amongst equities traders, financial institutions, and trade service providers.
Broekhoven further claimed that Citi, frontlining in the worldwide trade finance currently, plans to “take trade digitization very seriously.”
Broekhoven also believed that distributed ledger tech can acts become a gateway granting access to opportunities for trade finance modernization, especially when “the industry has been heavily dependent on the exchange and manual processing of paper documents”.
Apart from authorizing a raise in equity stake into Komgo, Citi has also initiated the integrating process of its trade engine with the startup’s blockchain.