Blackstone Group-Affiliated Mphasis Out Of India Partners With Bitfury To Work On Trade Finance Deal
Partnership: Blackstone Majority –Owned Indian Tech Firm Collaborates With Bitfury On Finance Project
According to the report gathered by Reuters, Blackstone controls about 52.3% of Mphasis, which is listed on India’s National Stock Exchange.
Although the details of the partnership are still evolving, some senior officials from Mphasis are already revealing little details. The Senior Vice President and global head of payment of Mphasis Andres Ricaurte reportedly stated that:
‘’Our goal is to accelerate the disruption and transformation in the trade finance space. The exact end-goal- whether it’s a platform, a trade token, or consortia is still to be figured out.’’
Another senior executive craving anonymity also revealed that the prospective digital platform would aim to automate payments and other services involving finance in international trade transactions.
Although there are a lot of revolutionary projects aimed at modernizing global trading transactions, the latest collaboration between the two ambitious firms will focus most of its combined energy on the elevation of the global trade transactions, which have been stagnant for a while.
The Next Level Of Global Trade
According to Ricaurte, the dilapidating inefficiencies in the global trading sector has led to a worldwide gap of about $1.5 trillion between the demand and supply of trade finance. He stressed further that the collaboration will seek to create a digital currency and also tends to establish:
“A digital representation of the liquidity that is trapped inside this supply chain and leveraging that representation to make transactions more seamless and transparent to everyone’’
The Chief Executive Officer of Bitfury, Valery Vavilov in a statement said that the joint venture will aim to combat the fragmentation in existing financial services through the creation of interoperable systems.
Bitfury is one of the major stakeholders in the blockchain sector, the firm was reportedly valued at $1 billion last month and also launched a dedicated mining fund for institutional investors in partnership with an investment firm from Switzerland named Final Frontier, in which the firm holds a minority stake.
In its bid to stamp its authority as a global brand, Bitfury recently Collaborated with Kazakhstan’s AIFC for Blockchain implementation across multiple industries.
Bitcoin Exchange Guide reported earlier this month that the blockchain giant is determined to implement the blockchain technology into various industries.
The development will see AIFC tap into the expertise of Bitfury in the creation of new projects and promoting startups globally. Consequently, Bitfury will be bringing new data centers to Kazakhstan that tends to increase the exposure of their effort.
The blockchain giant will also create courses that will teach young engineers the many benefits embedded in the blockchain technology and also encourage local start-ups in the Asian country.
Blockchain technology is gaining a strong footing in Asia, and with the very stringent regulations melted out against blockchain firms in the United States, Asia might just be the next big thing in the blockchain sector.