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.


(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!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Cardano Price Prediction: Will ADA Recover Soon?

The value of Cardano has increased by 4% in the last 24 hours, reaching $0.4728 as the cryptocurrency market slowly b...


UAE adopts Cardano Blockchain to boost security in criminal investigations.

The UAE has taken the significant step of implementing Cardano's blockchain technology to enhance security in crimina...


Bitcoin Faces Resistance at $52,000, Possible Pullback Ahead

Altcoins have seen a slight decrease in value due to Bitcoin's hesitancy in maintaining a level above $52,000. Howeve...


Cardano Price Surges 8%: Here’s Why ADA Could Reach New Highs in 2024

In the past 24 hours, the Cardano price has experienced a significant increase of over 8% and is currently at $0.6202...


$100 Million Trading Volume Fuels Cardano's 3% Surge Is it the Beginning of a New Bull Market?

Fashionista Alert Cardano (ADA) on the Rise – Breaking Resistance Level May Indicate Bull Market, But Poor Fundamenta...


Bitcoin Battles as Investors Weigh In: Bulls vs. Bears 🐂🐻

Bitcoin may face a short-term correction, but this creates an opportunity for opportunistic buyers to step in and ben...