Yesterday, the media announced the official opening komgo SA — a blockchain-based company, with the participation of the 15 largest financial institutions. One of the companies founders komgo include ING, Citigroup, Shell, and Societe General. Technical assistance in the development of the platform will have experts ConsenSys.

The focus of work komgo SA — “digitalisation of trade and commodity Finance by using an open blockchain platform”. The headquarters company will be located in Geneva, the second largest after Zug blockchain center of Switzerland.

A full list of the companies-founders komgo SA includes ABN AMRO, BNP Paribas, Citigroup, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale, that is, large banks, commercial and energy companies.

CEO komgo SA Suleima Baddi (Baddi Souleïma) in a statement said:

“Base SA komgo underlines our shared vision of innovation in the industry and the desire to create a truly open and more effective network for use in commodity trade”.

Co-founder ConsenSys Joseph Lublin (Lublin Joseph) also enthusiastically commented on the cooperation with the new venture:

“We are entering the era of free and inclusive blockchain technologies, to help build a stronger, more coordinated business relationships that would have previously been impossible. We’re thrilled to see that […] banks and trading companies have teamed up to create komgo SA, which will significantly simplify and speed up the creation of a trust, accountability and accessibility in the industry of trade Finance”.

According to the official press release, komgo SA plans to complete two projects by the end of 2018. The first project involves the standardization and expediting of KYC procedures without the use of centralized systems and/or databases. The second initiative — “digital credits” that will allow organizations to seamlessly send digitized data directly in the trade statistics komgo or its banks-founders.

It is not known whether komgo SA to work with cryptocurrency investment products. At least one Bank (namely Citi), participating in the creation of the company, has completed work on cryptocurrency product for institutional investors.