Covantis

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Covantis
Covantis logo.png
Founded 2018
Headquarters Geneva, Switzerland
Key People Petya Sechanova, CEO;
Products Enterprise blockchain for global commodity trade
Website covantis.io
Releases Company News

Covantis is a Geneva, Switzerland-based company with an international slate of founders that focuses on making global commodity trade more secure and efficient by using Ethereum blockchain technology in the post-transaction execution phase of physical commodity trading.

History

ADM first announced Covantis in late 2018 as a consortium consisting of international grain trading companies Bunge, Cargill, Louis Dreyfus Company and itself to deploy blockchain technologies to digitize their global shipping transactions.[1]

Ethereum-focused software developer ConsenSys announced in January 2020 that the Covantis Initiative had chosen it as its lead partner after what an independent project advisor termed "a robust selection process, including a two week hackathon." According to ConsenSys, "ConsenSys will leverage its enterprise-ready blockchain products and services, including ConsenSys Codefi, PegaSys Orchestrate, Kaleido and MythX."[2]

The company was launched as a legal entity in March 2020. Its founding members were ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Viterra, all prominent agricultural enterprises.[3] COFCO is a large, state-owned Chinese food company.[4] Viterra is the rebranded Glencore Agriculture, with roots as Canada's largest grain handling business.[5]

On May 18, 2021 Covantis announced that it had expanded to 18 companies as participants in its network. The company also said, "Covantis network has now over 500 users and 50 legal entities from all over the world."[6]

Products and Services

Using ConsenSys's Quorum, the enterprise blockchain technology first developed with JPMorgan, the Covantis blockchain went live in February 2021 for bulk shipments of corn and soybeans exported out of Brazil.[7]

Key People

Petya Sechanova, CEO

References