Cryptocurrency news

Sberbank's Swiss division has joined the Komgo platform on the Ethereum blockchain

Sberbank’s Swiss division has joined the Komgo platform on the Ethereum blockchain

Sberbank Switzerland AG, a subsidiary of the Russian financial giant, has signed an agreement to connect to the Komgo trade Finance platform on Ethereum.

The Komgo platform is based on the Ethereum blockchain, and ConsenSys participated in its creation. Komgo allows you to digitize transactions of trade Finance in digital goods and transfer them to the blockchain.

“For 8 months of this year, we have financed the supply of more than 15 million tons of goods worth more than 5 billion US dollars. We Finance both trade with our key markets-Russia and the CIS-and flows around the world. The introduction of the best services, the latest technologies, and prompt response to changes are important principles that guide our activities, ” said Yevgeny Kravchenko, Chairman of the Board of Directors of Sberbank (Switzerland) AG.

Kravchenko stressed that in recent years, the conversion of trade Finance transactions to digital form has become a trend for financial institutions. The blockchain is committed to ensuring that the operations departments of the savings Bank more effective and to significantly speed them up.

CEO Komgo Suleima buddy (Souleima Baddi) she noted that Sberbank’s joining the platform was an important step for the development of the company’s digital network. Sberbank will open up new geographical markets for Komgo, while providing its customers with more efficient and secure services thanks to the blockchain.

The Komgo platform was launched in Switzerland in 2018. Many large financial and industrial companies, including Societe Generale, Shell, ABN AMRO and BNP Paribas, have joined together to create the project.