ING, Citigroup, Shell & ConsenSys Are (Together) Creating Ethereum-Based Platforms

One of the largest companies in many sectors are collaborating with the goal of developing Ethereum-based platforms. In the latest cryptocurrency news, the companies are focusing on implementation which is based on blockchain technologies.

Aside from ING, Citigroup, Shell and ConsenSys, the total of firms that are entering this ConsenSys-backed blockchain initiative are actually 15. One four-page document titled “Industry Players and Banks Join Forces to Launch Blockchain Platform to Transform Commodities Trade Finance” describes who they are and how are they joining hands to make a collaborative foray into the enterprise-level blockchain platform space with a new firm called komgo SA.

Even though many people questioned the document’s originality at first, a Twitter post by ConsenSys confirmed the official news.

.@ConsenSys is working with Citi, ING, Shell & more on an #Ethereum #blockchain platform for financing commodities trading. Blockchain is viewed as a solution to trade & settlement inefficiencies and to improving transparency and reducing the risk of fraud https://t.co/sv8KZC7MNX

— ConsenSys (@Consensys) September 19, 2018

komgo Sa, which is a company that is already backed by leading banks, trading companies and energy firms, is with an aim to digitize the global trade ecosystem through a blockchain-based “open platform.” To facilitate this, the company has been founded in Geneva, Switzerland which is one of the leading cryptocurrency and blockchain hubs.

The co-founder of Ethereum and ConsenSys, Joseph Lubin, commented on the new partnership expressing his excitement:

“We are now entering a new era of simple and inclusive access to blockchain technology to advance stronger, more collaborative, business relationships previously out of reach. We are thrilled to see leading commodity trade finance banks and commodity houses come together to create komgo SA, which will radically simplify and accelerate trustworthiness, auditability, and accessibility to trade financing across the industry.
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A lot of analysts now believe that a collaboration between ConsenSys and the aforementioned startup will result in a new technology and ground-breaking innovations in the coming months and years.