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
Sauna, Yewang learned from COFCO on April 2 that the Covantis program co-sponsored by COFCO, ADM, Bunge and other companies has registered an entity company CovantisS in Switzerland.A. The company is jointly owned by the founding members of the plan.The plan initially develops blockchain technology and is committed to the standardization, digitization, and modernization of global agricultural sustainable transactions.It is understood that Covantis is planned to be created in October 2018 and is jointly initiated by COFCO, ADM, Bunge, Cargill, Louis Dreyfus Group and Glencore Agriculture.Recently, the plan has been approved by the regulatory authorities and two companies were established in Switzerland.One.Legal entity.At the same time, the founding members of the program are jointly developing a platform to make global trade simple, safe and efficient, bringing efficiency and cost savings to companies throughout the international supply chain.This year, the initial focus of the platform construction will be on the automation of the execution process after trading grain and oilseeds.Sauna, Yewang learned that Covantis S.One.The board of directors is composed of one member from each of the six joint founding companies and is responsible for supervising and helping guide the company’s development.The board of directors will be chaired by one of the directors, who will rotate annually.The director of the Louis Dreyfus Group will serve as the first chairman.Some people said that COFCO, as one of the co-founders of the Covantis program, will enhance the right to include and speak in the internal international agricultural trade.Sauna, Ye Wang Ouyang Xiaojuan editor Li Yan proofreading Li Shihui

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