Covantis, a blockchain-powered digital operations platform backed by some of the world’s biggest agricultural commodities traders, started operations with bulk soybean and corn exports from Brazil.
The joint-venture, controlled by trading houses including Archer-Daniels-Midland Co., Bunge Ltd., Cargill Inc., Louis-Dreyfus Co., Cofco and Glencore Plc’s Viterra, went live on Thursday, Geneva-based Covantis said on its website.
Those firms have said they prefer to use their own in-house digital trading platforms and trade finance procedures.
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