VAKT, a company focused on commodity post-trade processing underpinned by blockchain, has announced a $5 million investment from Saudi Aramco Energy Ventures(SAEV).
SAEV said the deal is the latest investment in new shares. SAEV is joining VKt to help the development of the platform and expansion into the new market especially in Asia.
VAKT, a leading global energy is a company with a vision to digitize and turn communities to global trading industries with blockchain-enabled Much Supply and Trading, Gunvor and Mercury.
The deal will see Aramco Trading become a new user of the VAKT platform. The platform, however, is currently live in the North Sea BFOET crude oil market.
According to Richard James, VAKT CF said the investment is a welcome idea which see SAEV as another shareholder.
“It is a proud moment to be able to count SAEV as one of our shareholders. This company – part of the most profitable business in the world – has a strong track record of investing in industry innovation. We were not proactively seeking further investors; however, we could not miss the chance to bring on-board a partner of this caliber, which is a tremendous show of faith in VAKT’s vision,” said Richard.
In this regard, VAKT CEO, Etienne Amic, said, “The North Sea is just the start for us. In a few short months, we have learnt a great deal from having the platform in production and iterating our product to make it better suited for global waterborne oil. We are now on a path to becoming the backbone of the post-trade processing of physical commodities. We couldn’t ask for a better partner ahead of our future expansion than Saudi Aramco especially when it comes to the company’s reach and expertise in Asia.”
However, the VAKT platform is said to manage physical transactions from trade entry to final settlement, eliminating reconciliation and paper-based processes.
Still on the platform, MD, SAEV Europe, Hans Middelthon noted that VAKT has demonstrated a high profile potential to digitize manual process and transformation to the end-users.
This is a compelling pitch to become an integral part of market infrastructure, Hans said.
Meanwhile, he praised VAKT for their excellent candidacy, saying it has proved their worth in investment which would also help the new deal in the development and transformation.
VAKT platform is live in the North Sea BFOET crude oil market. As a part of the deal, the Aramco Trading company joins the platform as a new user. The company will bring its own North Sea trading volumes.