TradeIX announced Thursday, June 21, that it has received investment from a group of investors led by ING Bank’s venture capital arm, ING Ventures. The new investment round, worth USD 16 million, includes Norwegian investment company Kistefos, BNP Paribas, and Tech Mahindra. Kristefos is an existing stakeholder in the startup and increased its holdings in this investment round.
TradeIX is set to revolutionize the sector with the “world’s first open platform for trade finance leveraging blockchain technology.”
The platform has APIs that allow existing trading platforms and apps to connect to it, making for faster and more efficient transactions, not to mention transparent and secure. Following the tenets of blockchain technology, the TradeIX platform is decentralized, giving control to each client.
TradeIX already has a foothold in the industry, having launched a blockchain-enabled trade finance transaction for DHL. It also has existing partnerships with banks, corporations, and ERP providers.
In the investment announcement, TradeIX CEO and Founder Rob Barnes said: “This round is a significant stepping stone for us. We are very excited to bring in ING Ventures, BNP Paribas, Tech Mahindra as new investors, and to continue our partnership with Kistefos. After having proven our technology with DHL and multiple banks, the investment will help us to further develop our open platform.”