Saudi Aramco, a one of the biggest firm in the world, alongwith 12 other investors, has invested 5 Million in blockchain trade platform, Vakt
Vakt has recently announced
It added that their investments would help Vakt in developing its platform.
Vakt Mordenizes Oil Trading
According to reports, Saudi Aramco was not the first crude oil market that made a deal with Vakt. Earlier, it had partnered with the North Sea crude oil market where it remained active for a long time.
The Vakt is a platform that eliminates the paper-based process and manual accounting practices so that it could provide a smooth trade to the energy transactions
SAEV’s mission is to develop and deploy technologies into Aramco’s operations.
VAKT is an excellent candidate in this sense and we look forward to helping the company with its development.”
In December 2018, along with some limitations on the North Sea Market, Vakt launched its trading platform. In the year 2017, when the company was created, the two consortium leaders of the industry i.e., Shell and BP became the first users of the platform.
Later, Chevron, Total and India’s Reliance Industries also became its users. In the year 2019, Saudi Aramco invested $6 million in American Blockchain startup Data Gumbo Corp via its venture subsidiary.
#blockchain#Blockchain News#Blockchain Technology#Crude Oil#Crypto News#Cryptocurrency#Cryptocurrency News#Hans Middleton#Saudi Aramco Energy Venture#Vakt
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