Russian financial giant Sberbank teams up with blockchain-based Komgo in commodity trade collaboration

Quick Take

1 minute read

• Sberbank, a subsidiary of one of the biggest banks in Russia has just recently joined a blockchain-based platform for commodity trade finance services. 

• They sound in agreement with Switzerland based trade finance platform Komgo in order to apply it’s blockchain power trade finance service in this new collaboration.

Sberbank, a subsidiary of one of the biggest banks in Russia, has just recently teamed up with blockchain-based platform, Komgo for commodity trade finance services. They started an agreement with Switzerland based Komgo in order to apply it’s blockchain power trade finance service in this new collaboration.

Based on the Ethereum blockchain, Komgo is developing a commodity trade finance platform with one of its purposes to speed up the process of trade finance transactions. It would also allow stakeholders to track a deal with instant success to commodity trade information and data.

Representatives from the bank have revealed that the collaboration with the Swiss platform looks into the growing digitisation of financial trade

The head of trade finance at the Russian bank, Evgeny Kravchenko made it clear that commodity trade finance is a strategic move of the Swiss business. According to him, both Russia and other Commonwealth of Independent States countries are some of the key markets for this company.

He went on to say:

“In recent years, trade finance digitalization has accelerated dramatically, following the needs of market players.“

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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