COFCO and International Grain Merchants jointly set up a company to provide agricultural trade blockchain solutions

COFCO and International Grain Merchants jointly set up a company to provide agricultural trade blockchain solutions

COFCOandInternationalGrainMerchantsjointlysetupacompanytoprovideagriculturaltradeblockchainsolutions
Sauna,YewanglearnedfromCOFCOonApril2thattheCovantisprogramco-sponsoredbyCOFCO,ADM,BungeandothercompanieshasregisteredanentitycompanyCovantisSinSwitzerland.A.Thecompanyisjointlyownedbythefoundingmembersoftheplan.Theplaninitiallydevelopsblockchaintechnologyandiscommittedtothestandardization,digitization,andmodernizationofglobalagriculturalsustainabletransactions.ItisunderstoodthatCovantisisplannedtobecreatedinOctober2018andisjointlyinitiatedbyCOFCO,ADM,Bunge,Cargill,LouisDreyfusGroupandGlencoreAgriculture.Recently,theplanhasbeenapprovedbytheregulatoryauthoritiesandtwocompanieswereestablishedinSwitzerland.One.Legalentity.Atthesametime,thefoundingmembersoftheprogramarejointlydevelopingaplatformtomakeglobaltradesimple,safeandefficient,bringingefficiencyandcostsavingstocompaniesthroughouttheinternationalsupplychain.Thisyear,theinitialfocusoftheplatformconstructionwillbeontheautomationoftheexecutionprocessaftertradinggrainandoilseeds.Sauna,YewanglearnedthatCovantisS.One.Theboardofdirectorsiscomposedofonememberfromeachofthesixjointfoundingcompaniesandisresponsibleforsupervisingandhelpingguidethecompany’sdevelopment.Theboardofdirectorswillbechairedbyoneofthedirectors,whowillrotateannually.ThedirectoroftheLouisDreyfusGroupwillserveasthefirstchairman.SomepeoplesaidthatCOFCO,asoneoftheco-foundersoftheCovantisprogram,willenhancetherighttoincludeandspeakintheinternalinternationalagriculturaltrade.Sauna,YeWangOuyangXiaojuaneditorLiYanproofreadingLiShihui

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