Envoy Group has partnered with blockchain firm R3, joining its R3 Ventures Development program.
The Envoy platform, which will use blockchain technologies to bring massive efficiencies to global supply chain and trade finance, is expected to be launched at the end of this year. The platform is built on enterprise software firm R3’s Corda blockchain platform, and aims to accelerate the $17 trillion annual global trade flows into the digital age by eradicating archaic practices and injecting vital and once-unobtainable liquidity into the system by means of decentralised finance (DeFi).
R3’s Venture Development program has helped many successful businesses that are building applications on Corda, known as CorDapps, to market. The program supports early stage companies building on Corda with business development content, technical support, design workshops and community events. More than 150 high quality mentors, Venture Capital firms and Service providers contribute to the program globally.
Envoy said that the program will support them through extensive technical support, mentorship, accelerator and customer opportunities.
“At such a crucial stage in our development, we are glad to be working with R3 to ensure success,” said Lee Tarone, CEO of Envoy Group. “Our solution has been built from the ground up to revolutionise global trade and trade finance and we are eager to help the countless SMEs which are currently struggling to finance their trades due banks’ current aversion to risk. Envoy will not only expediate processes by digitising and automating them, but we will also enable investors who were previously shut-out of the system to act as financiers, unlocking an entirely new stream of alternative finance for businesses. Now, more than ever, the industry needs a solution to get trade moving again. Envoy enables multiple parties to fund or partially fund a trade through DeFi, and mitigates against trade finance fraud. This makes us perfectly suited for the task.”
Ivar Wiersma, Head of Ecosystem & Venture Development at R3, claims that their blockchain ecosystem is the largest in the world with more than 350 institutions deploying and building on Corda and Corda Enterprise.
“The R3 Venture Development program ensures start-ups derive the greatest value from our network to shorten their time-to-market and accelearate go-to-market strategy,” said Wiersma. “We are very excited to be working with Envoy, as its solution and business model is very much needed in today’s world – where Covid-19 has left global trade at a standstill.”
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