Citi invests in blockchain-based trade finance network Contour
Monday, February 24, 2020
Set up by eight banks, including ING, BNP Paribas and HSBC in 2018, Contour has seen its ranks swell over the last two years, with Citi Ventures the latest to invest in the network.
Formally known as Voltron, Contour uses R3’s Corda blockchain platform for a global network designed to digitise and modernise the $18 trillion trade finance market.
It made its commercial launch in January after live pilots in 14 countries and a global trial with more than 50 banks and corporate which demonstrated the platform's ability to reduce the time it takes to execute the entire process of paper-based Letter of Credit from 5-10 days to under 24 hours.
Luis Valdich, MD, Citi Ventures, says: “The Contour team has a trusted background and is partnering with a strong consortium to help digitise Letters of Credit. Citi Ventures is thrilled to support Contour as it pursues its exciting vision.”