Marubeni to invest in Covantis digital blockchain startup
Thursday, December 16, 2021
Marubeni Corporation will invest and acquire shares of the Swiss-based digital blockchain startup, Covantis SA.
Covantis founding members are ADM, Bunge, Cargill, Cofco Corporation, Louis Dreyfus Company and Viterra. Covantis was first announced as an initiative in late 2018 to accelerate the transformation of global trade execution processes. Its vision is to build a fair, trusted platform for post-trade execution processes of agri-commodities in bulk that improves efficiency, transparency, and information exchange for everyone feeding the world. Covantis SA, an independent legal entity based in Geneva, was established in March 2020. In early 2021, Covantis announced that its digital platform was live and operational.
“Marubeni is proud to invest in Covantis and continue exploring opportunities to transform the centuries-old archaic processes of agri-commodities execution. International bulk commodities trading, including grain and oilseed, requires complicated business workflows including preparing, exchanging and confirming many physical documents like contracts or certificates between multiple parties throughout the supply chain from supplier to buyer. The issue at stake is to improve efficiency, accuracy and transparency in the industry and we are proud to participate in the initiative which provides these solutions. Marubeni brings a wealth of knowledge in supply chain management with a very strong base in procurement, distribution and storage in its home market, Japan. Together, we plan to further strengthen the value proposition to the market participants and enable end-to-end supply chain optimization from the initial supplier to end-buyer,” said Mr. Terakawa, CEO, Food, Agriculture & Chemicals Group, Marubeni Corporation.
“Covantis’ network has significantly expanded since February of this year when we announced the launch of our industry-changing digital platform. We now have 24 clients, over 80 legal entities and hundreds of people who use Covantis for cross-border shipment execution. Welcoming Marubeni to our shareholders’ group will enable us to continue investing in new capabilities, expanding to new origin and destination markets, and new commodities thus increasing the value proposition for our current and future clients,” said Petya Sechanova, CEO of Covantis.
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