TradeIX is an open trading platform for finance that applies blockchain technology. The platform received a welcome investment from several parties. The investment, totaling $16 million, was led by Ing Ventures, a venture capital branch of ING bank. The investment was also supported by other parties, including Kistefos, BNP Paribas, and Tech Mahindra.
Those who are unfamiliar with TradeIX will find that it is powered by APIs, which stands for application programming interface. The interface connects with trade platforms and other applications so that businesses can get their work done in a more efficient and transparent manner. Further, the application is a decentralized solution that easily integrates into a trade ecosystem.
To date, the platform has formed partnerships with banks, corporations and ERP providers. Together, they apply technology by R3, a blockchain software firm and. Additionally, TradeIX specifically launched DHL, a blockchain-enabled trade finance transaction company.
According to Mark Buitenhek of ING,
“TradeIX offers a great solution for trade finance that truly enables clients to become more efficient and transparent. TradeIX operates via an open platform and ‘open’ is what ING thinks the future of financial services is going to be. On top of that, we see a lot of opportunity in distributed ledger technology, so we’re happy to announce we are now intensifying our cooperation with TradeIX.”
Jacques Levet of BNP Paribas further added that the bank is interested in working with TradeIX to provide customers with innovative technology. The system implemented may be able to change how banks manage trade and provide financing. Another international company, Kistefos, also claimed a stake in the project and showed interest in how it may be able to improve its shipping, financial, and telecommunication services.