Dltledgers, an independent blockchain platform for trade and supply chain finance digitisation, has received new funding on the back of rapid growth.
Technology provider dltledgers has received a $7 million funding injection in a Series A round led by Regis and Savoy Capital, Vittal, Walden International and various veteran industry leaders, it said in an announcement on Thursday.
At the same time, the company will migrate its blockchain-based solutions from the Hyperledger Fabric to Corda, R3’s enterprise blockchain platform, which will enable businesses in trade finance to streamline business operations, while reducing overheads.
Strong Growth
Dltledgers helps corporates and banks to authenticate their commercial documents, contracts, and bank interactions. The platform recorded 200 percent year-on-year growth in 2020 on the back of growing demands for digitization in trade finance surges amidst the COVID-19 pandemic.
To support its growth, dltledgers will be expanding its 70-strong team by 120 percent across Asia Pacific, ANZ, Japan India and Middle East, the announcement said.
Since its inception three years ago, dltledgers has digitized over S$3 billion worth of cross-border trades spanning 28 countries on four continents. The company also played a key role in Singapore’s Trade Finance Registry, a collaboration of 14 banks, led by DBS and Standard Chartered Bank, aiming to fight trade fraud.
