World’s Largest Oil Firm Saudi Aramco, Drops $5M Into Vakt's Blockchain Trading Platform

    A leading oil corporation from Saudi recently invested $5 million towards a blockchain based startup dubbed ‘Vakt’. Saudi Aramco Energy Ventures (SAEV), initiated the transaction through its investment wing and has since joined 11 other investors who were initially part of the project.

    Vakt’s blockchain solution is based on post-trade settlements in the energy sector having begun back in 2018 with BP and Shell at the forefront; the two companies were the first to be on-boarded. This blockchain network digitizes the processes that were physical throughout the buy and sell channel in the energy industry. As a result, Vakt’s innovation was acknowledged to be a game changer by SAEV’s Europe director, Hans Middelthon;

    “VAKT has demonstrated that their platform has the potential to digitize what is currently a very manual process.”

    “Leveraging blockchain theory and applying it to the complicated world of post-trade processing, VAKT has made a compelling pitch to become an integral part of market infrastructure.”

    SAEV’s Strategic and Financial Impact on Vakt

    The Saudi oil corporation involvement with Vakt will certainly improve the growth dynamics of this blockchain innovation. Vakt reported that they plan to use the $5 million proceeds in product development and market expansion. Currently, the network is live for blockchain services in the North Sea crude oil market. Saudi Aramco will further add to the trading volumes in this market once they integrate their North Sea volumes with Vakt’s network.

    Vakt has also gained more reputational value given Saudi Aramco's financial muscle in the oil sector. The firm’s Initial Public Offering back in 2019 was $25.6 billion; reports indicate that this is the largest IPO figure so far in the history of financial markets. In addition, Saudi Aramco’s oil reserves are the world’s second largest according as of press date. Notably, the firm has other blockchain investments with American ‘Blockchain as a service’ startup ‘Gumbo’ leading the pack. Richard James, Vakt’s CFO, shared similar sentiments on the prospects of this investment;

    “We were not proactively seeking further investors; however, we could not miss the chance to bring on-board a partner of this calibre, which is a tremendous show of faith in VAKT’s vision.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Danone Launches ‘Track & Connect' Putting Baby Formula Supply On Blockchain Technology

    Danone is applying for the first time blockchain, aggregation and serialisation technologies for its infant formula packs. David Boulanger, the company’s senior VP of...

    Deribit Exchange Launches Ethereum Daily Options After Success With Bitcoin Contracts

    The Deribit Exchange specializing in crypto derivatives has launched daily Ether (ETH) options, an announcement from Monday and made on Twitter says. The strike price...

    Central Bank of Russia Proposes Amendments To Legal Framework for Tokenization

    The proposed cryptocurrency legislation in Russia could change a lot, now that a new bill for tokenization has been filed. On February 17, the Central...

    Ripple (XRP) Price Analysis (February 17)

    Key Highlights XRP market is under a falling force by the US dollar price valuation. XRP/USD pair’s value now averages a low point at...

    Binance Applies for Singapore Crypto License Under The New Payment Services Act

    Binance crypto exchange through its parent company has applied for Singapore’s new operating license. This follows an upgrade of laws governing crypto in the...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.