Huge step from Sberbank towards the blockchain-based platform

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As the globe begins to use blockchain-based systems, the organizations will create the platform to serve its users in their relevant sectors. Especially the banking sector is keen to work with blockchain-based programs. Sberbank Switzerland joins to those banks.

A subsidiary of Russia’s largest bank is planning to utilize the blockchain-based finance platform. Sberbank announced that its Switzerland subsidiary had joined the Komgo blockchain trade finance network.

Using blockchain for commodity trade finance

Komgo is a company that works in the commodity trade finance sector, mainly the letter of credit for oil. Since 2018 the overall transactions had passed a billion dollars. The founders of the Komgo are the ten companies, mainly oil-related firms. If we consider the oil reserves of Russia, then it is evident that it will be a good partnership with Sberbank.

Sberbank official Evgeny Kravchenko signified the usage of blockchain technology in the finance sector:

“Commodity trade finance is a strategic business of Sberbank (Switzerland) AG. By September 2020, we have financed more than 15 million MT of commodities worth over USD5 bn. We support trade flows with our key markets, Russia & CIS, as well as flows around the world. Best services, cutting-edge technologies and prompt responses to an ever-changing environment are essential principles that guide our team. In recent years, trade finance digitalization has accelerated dramatically, following the needs of market players. We strongly believe that our customers will truly appreciate the enhanced efficiency of their operations due to Komgo’s convenient and high-tech solutions.”

Also, the CEO of Komgo, Souleïma Baddi, mentioned that working the strategic partner will open new markets for their users.

Adaptation to blockchain

From recent news on the internet, we can be sure that blockchain technology is utilized by many firms and in various sectors. If many companies join similar platforms, it ensures that blockchain technology will be with us from now on. Users have to be astute about blockchain technologies to keep up with future trends.

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