Blockchain-based supply chain and trade finance startup Envoy Group is looking to expand beyond Latin America after securing a $13 million investment from Alcedo Digital Ventures.
Built on R3’s Corda platform, Envoy is promising to accelerates the $17 trillion annual global trade flows in to 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 to find new funding sources supported as result of trust.
This “trustless” nature of smart contracts built on blockchain technologies are perfectly suited to automate many of the core workflows of global trade, says the firm, as well as using the stellar based NVOY token for instant tokenised cross border payments.
Envoy says it is already onboarding clients in Latin America and, with the new funding in place, is looking to move into other major trade corridors.
Lee Tarone, CEO, Envoy, says: “Global trade remains reliant on paper – slow, prone to error and unnecessarily expensive. We use blockchain technologies to cut through these archaic processes to offer a digital trading environment, and instant, low cost and optimum governance.”