The venture capital department of Saudi Aramco, the world's largest and most successful oil corporation, has invested $ 5 million in the Vakt blockchain platform.
According to information on the Vakt website, the oil corporation has become one of 12 platform investors. Vakt plans to direct the raised funds to the development of new markets, with the hugest emphasis being placed on Asian countries.
Under the terms of the deal, Vakt is going to use the Aramco Trading Company in its operations. The latter currently specializes in serving participants in the North Sea crude oil market.
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“The blockchain platform has shown that their system has the potential to digitalize processes carried out primarily by hand. This will be a truly revolutionary transformation for end-users, ”said Hans Middleton, CEO of Saudi Aramco Energy Ventures. “By deploying distributed ledger technology for complex post-trading processes, Vakt has taken a compelling step, becoming an integral part of the market infrastructure.”
In addition to Saudi Aramco, Vakt currently works with companies such as BP, Equinor, and Shell.