Envoy Group, a blockchain-based supply chain and trade finance startup, is seeking to expand beyond Latin America after receiving a $ 13 million investment from Alcedo Digital Ventures.
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Envoy is built on R3's Corda platform and is expected to accelerate the $ 17 trillion annual global trade inflow in the digital age by reducing inefficiencies and injecting liquidity.
The platform is designed to integrate seamlessly with legacy data systems and all third-party blockchains, enabling buyers and sellers to manage global trade logistics and find new sources of funding that are trusted to support.
The company stated that this "distrust" nature of smart contracts built on blockchain technology is well-suited to automate many core workflows of global trade, and uses Stellar's NVOY tokens for instant coin-based cross-border payments.
Envoy said it has recruited customers in Latin America and is seeking to enter other major trade channels as new funds become available.
Envoy CEO Lee Tarone said:
"Global trade still relies on paper documents-slow, error-prone, and unnecessarily expensive. We use blockchain technology to break through these outdated processes to provide a digital transaction environment and instant, low-cost, and optimal governance.
Tokenized payment system
"The fastest way to address the trade finance gap is to enable financial institutions to provide new funding," said Lee Tarone, CEO of Envoy. "We built this solution from scratch, which uses a tokenized payment system to handle multiple currencies from multiple financial institutions, multiple currencies with different risk / return characteristics. Through our Corda node , You can quickly and efficiently access the R3 network. "
"The transparency of the Envoy platform reduces the risk of trade financing fraud, which is usually determined by the manual processes of traditional systems and the fragility of paper documents. The vicious attempts of buyers and sellers to double the financing of transactions are on the blockchain Very easy to read. With Envoy's enterprise-grade credit risk rating system, users only need to perform KYC due diligence offline, "the company said in a statement.
Envoy's blockchain-driven trade finance platform will be launched in the second quarter of 2020.