Blockchain trade financing platform Contour receives investment from Citi Ventures

According to Finextra, Citi has become the latest banking giant to invest in Contour, a blockchain trade financing platform. Contour was founded in 2018 by eight banks including ING, BNP Paribas and HSBC. The team has grown in the past two years. Citi Ventures ) Is the latest bank to invest in the network. It is reported that Contour's previous name was Voltron, which used R3's Corda blockchain platform to build a global network designed to digitize and modernize the $ 18 trillion trade finance market. It has conducted field trials in 14 countries and conducted global trials with more than 50 banks and companies, demonstrating that the platform is capable of reducing the time required to execute the entire process of paper credits from 5-10 days to less than 24 hours , And entered commercial production in January.