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Russia’s Sberbank joins Komgo blockchain for commodity trade finance

Russia’s state-owned bank, Sberbank announced today about its new partnership with Komgo blockchain technology which involved its Swiss-subsidiary, Sberbank Switzerland AG which has invested more than $5 million in commodity trade till date. The release did not mention more details about the banking and financial services’ company commodity trade. However,  Komgo, which is associated with ConsenSys blockchain tech, specializes in commodity trade finance and credit letters for oil. In fact, about a year after its public launch in 2018, Komgo supported over $1 billion of trade and financing and added shareholders like oil company Total. Given Russia’s interests in oil and…

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Japan’s Third-Largest Bank Joins Blockchain Consortia to Enhance Trade Efficiency

Faced by work disruptions caused by the novel coronavirus and the need to function efficiently even during crises, Sumitomo Mitsui Bank Corporation (SMBC) has today (July 21, 2020) signed a letter of intent to join Contour’s Beta Network and scored a membership deal with Switzerland’s Komgo–a blockchain-based commodity trading platform whose shareholders are drawn from banking,Read MoreRead More. The post by Dalmas Ngetich appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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