Earlier in the year, Covantis SA launched its blockchain platform for post-trade agri commodities execution. The company now announced the expansion of its network of participating companies which now includes 18 companies – major importers and exporters of agricultural commodities such as ADM, ALZ, Amaggi, Bunge, Cargill, CHS, Coamo, COFCO, C&D, Enerfo, Gavilon, Louis Dreyfus Company, Marubeni, Nova Agri, Olam International, Viterra and Zen-Noh Grain. 

This expansion enables a majority of the exported bulk cargoes of corn and soybeans to be executed in one platform, thus optimizing the execution process by more efficiently connecting the market participants. Covantis network has now over 500 users and 50 legal entities from all over the world. 

The platform’s initial scope covers the shipment and execution of bulk commodities such as corn and soybeans from Brazil to any worldwide destination. “Covantis will continue to invest in building new capabilities that increase value for its clients from origin to destination, thus creating a global network for efficient execution of bulk commodities,” the company said.