May 27, 2021
Covantis announces expansion of network involving major players of agricultural commodities
Covantis SA, which announced the launch of its blockchain platform for post-trade agri commodities execution earlier this year, has announced on May 18 the expansion of its network of participating companies.
The network now includes 18 companies – major importers and exporters of agricultural commodities such as ADM, ALZ, Amaggi, Bunge, Cargill, CHS, Coamo, COFCO, C&D, Enerfo, Gavilon, Louis Dreyfus Company, Marubeni, Nova Agri, Olam International, Viterra and Zen-Noh Grain.
The expansion enables majority of the exported bulk cargoes of corn and soybeans to be executed in one platform, thus optimising the execution process by more efficiently connecting market participants. Covantis network has now over 500 users and 50 legal entities worldwide.
The platform's initial scope covers the shipment and execution of bulk commodities such as corn and soybeans from Brazil to any destination in the world.
Covantis will continue to invest in building new capabilities that increase value for its clients from origin to destination, thus creating a global network for efficient execution of bulk commodities.