Fintech Firm Xalts Buys Contour Network To Revolutionize Trade Platforms
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Xalts, a fintech company backed by Citi and Accel ventures, has purchased Contour Network. The firm acquired this network from a group of international banks, to establish a ‘Plaid for Trade’ supply chain system.
In 2017, a group of eight banks launched Contour in an effort to remove the obstacles to global trade finance by using blockchain technology. Contour presently counts more than 100 international businesses and over 22 banks as customers.
Xalts Plans To Extend The Range Of Contour’s Network
The purchase took place only months after Contour declared its intention to close down the company because of a lack of financing.
Xalts, based in Singapore is utilized by organizations to establish Collaborative applications for tokenization and digitisation. The firm stated that it wants to introduce an application environment for integrated trade finance solutions running on Contour’s rails.
The Chief Executive Officer of Xalts Ashutosh Goel, commented that the company aims to develop a Plaid for Trade. He also stated that the firm aims to extend the reach of Contour’s network which is valued by corporates and banks. The company wants to construct the network into a rail that allows companies to access Digital services for trade and supply chain finance provided by technology, fintechs, and bank partners. He further stated that by merging the platform with Contour’s Network, participants will be able to create and use tailored solutions quickly.
Xalts Seeks To Revolutionize Supply Chain Finance
The COO of Xalts, Supreet Kaur highlighted the team’s primary focus on embedded Apps for supply and trade chain finance, enabling logistics, banks, firms, and technology firms to function as a single platform. He emphasized the platform’s dedication to enabling the development of new products and applications by utilizing tokenization and blockchain.
By integrating with multiple infrastructure providers and partnering with leading blockchains, Xalts enables network members to collaborate with Xalts to introduce applications within the space.
Xalts was established by the former senior executives at Meta and HSBC, Supreet Kaur and Ashutosh Goel in 2022. With currently more than 50 teams across offices in the UK, UAE, India, Hong Kong, and Singapore, Xalts counts large technology companies, regulatory bodies, and financial institutions as its clients.
The salvation of contour comes following the shutdown of various similar business propositions, such as the bank-backed Marco Polo Network, we.trade, and IBM’s TradeLens project.
