According to Cointelegraph, the Commonwealth Bank of Australia's New Zealand ASB Bank participated in a new round of $ 1.7 million in blockchain startup TradeWindow.
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The company provides a software-as-a-service supply chain solution that creates a "single transaction window" that can be accessed by all transaction participants, from importing companies to exporting companies.
ASB Bank now owns 21% of shares, second only to the company's CEO
The New Zealand Herald reported on December 16 that following seed funding, ASB Bank now owns a 21% stake in the company, and is the second largest shareholder after TradeWindow founder and CEO AJ Smith.
According to the TradeWindow announcement, ASB Bank participated in this round of fundraising along with two new shipping and logistics investment institutions. The two investment agencies are the local Leroux family office and their partner Te Hana Consulting, and the Rae family office in Perth.
ASB's second investment
TradeWindow stated that ASB Bank participated in the investment for the first time in June 2019. In addition, the bank successfully commissioned the TradeWindow platform in 2018, enabling transactions between South Korean import companies and New Zealand's main meat exporter, Greenlea Premier Meats.
According to Nigel Annett, a member of TradeWindow's board of directors and ASB's bank executive general manager, the investments of the two large companies have helped TradeWindow's technological potential shine. Annett said:
ASB has long supported and invested in TradeWindow because we realized the need to streamline the export process, and TradeWindow provides a secure platform to share relevant information and documents. For TradeWindow, re-investing from ABS Bank highlights opportunities in this area. TradeWindow is coming soon and we are extremely excited.
TradeWindow aims to reduce fraud and costs
TradeWindow technology provides a single trading window for all trading participants. Web records can only be changed if most members agree to edit. To reduce the risk of fraud, the platform has also replaced paper documents with digital data exchange to significantly reduce costs.
The Auckland-based startup reportedly signed exclusive cooperation agreements with digital file services company Prodoc and New Zealand-based Ind.