Blockchain startup TradeWindow secures new round of funding, New Zealand ASB Bank participates

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.

investment-3247252_960_720

(Source: Pixabay )

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

A number of exchanges will openly call the FATF proposal at the G20 opening meeting

The G20 summit of the G20, which everyone is paying attention to, will be held on June 28 and 29, 2019 in Osaka, Japa...

Blockchain

Forbes: What challenges will cryptocurrency regulators face?

According to a recent survey by Coinfirm, only 14% of the world's 216 cryptocurrency exchanges have regulatory a...

Blockchain

Speed ​​| Cryptographic Currency Derivatives Exchange: Clearing Mechanism; Bitcoin and "Great Wealth Transfer"

Today's content includes: 1. Chat with Tang Wei of Parity about the impact of ETH to PoS on ETC. 2. Kyber's...

Blockchain

report! This 14,000-person hacker organization is eyeing the exchange | DVP hackers are coming to an end

According to Baihuhui, in 2018, the economic loss caused by security problems in the digital currency industry was 2....

Blockchain

Number reading | The paradox behind the 109 reports The truth is that IEO is an antidote or a poison?

After several months of fermentation, the IEO boom continues, and there is even a wave of higher waves. Yesterday (Ap...

Blockchain

Fake foreign exchange platform to enter the currency circle: reverse shouting, tampering with data, investors become the biggest victims

After the spread of money and funds, there has been a new routine in the currency circle – a false exchange. Pu...