Skuchain Developing Blockchain Solutions for $18 Trillion Trade Finance Market With Funding From Amino, DCG, and FBS Capital

Skuchain Developing Blockchain Solutions for $18 Trillion Trade Finance Market With Funding From Amino, DCG, and FBS Capital

Skuchain is a startup in Mountain View CA, that is creating blockchain-based products for B2B trade finance and supply chain finance. They are developing solutions to address the 18 trillion dollar global trade finance market that still relies on paper documentation for most processes. 

The market is currently dominated by products like Letter of Credit ($2.3 Trillion) and Factoring ($3 Trillion). Trade transactions are complex and cumbersome, involving numerous entities including buyers, sellers, logistics providers, banks, customs, and other third parties. Lack of trust, long distance, and slow feedback loops add cost, complexity, and time to these transactions.

They are largely still paper-based, with original documents forwarded around the world. The blockchain removes the need for paper by offering a secure and digitized solution that can increase speed, decrease cost, and make financing available to small and medium sized businesses in locations where finance solutions were previously not accessible.

Skuchain has development projects under way with multiple international banks, and is supported by investors including Amino Capital, Digital Currency Group, and Fenbushi Capital.

"Skuchain's vision of building a "commerce cloud" where trade partners can interact friction-free and gain deep visibility into their supply chains is compelling," says Barry Silbert, Founder and CEO of Digital Currency Group.

Silbert added,

"The Skuchain team and blockchain-enabled product is well-positioned to transform the trade finance space and DCG is thrilled to back such an ambitious effort."

Sriram Srinivasan and Zaki Manian, who know first hand the challenges of existing trade finance processes and the transformative potential of blockchain technology, founded Skuchain. Sriram is a former ship captain and Wall Street technologist with previous startup experience. Zaki Manian is a UPenn alum, security expert, and well-known cryptoengineer. Other team members include Stanford and MIT alums, with previous successful startup exits and more than 30 patents issued.

"Collaborative Commerce is the future of global trade. Skuchain's blockchain technology will help trading partners work better together, and unlock faster and cheaper financing for businesses of all size." - Sriram Srinivasan, co-founder and CEO of Skuchain

About Skuchain

Skuchain builds blockchain based products for B2B Trade and supply chain finance. They are located in Mountain View, CA.

For more information about Skuchain, please go to http://www.skuchain.com/

About Digital Currency Group

At Digital Currency Group, we build and support bitcoin and blockchain companies by leveraging our insights, network, and access to capital. Based in New York City, DCG has been an active seed investor in the digital currency industry with 60 investments in 20 countries.

Learn more at http://dcg.co/ or follow us @DCGCo for the latest news.

About Amino Capital

Amino Capital (a.k.a. zPark Capital) is a venture firm based in Palo Alto, focusing on seed to growth-stage investments in big data, and data-driven technologies, including but not limited to IoT, medicine/genomics, AI/BI, drone/UAV, Fintech, security and infrastructure. The firm was founded in 2012 by a unique team of over 40 technology executives and innovators from Google, Facebook, Yahoo, Tencent, Alibaba, U of Chicago, Stanford U, Tsinghua U and et al. Since inception, the firm has invested over 80 seed stage companies, following with additional investments in series A and B.

About FenbushiCapital

Founded in 2015, Fenbushi Capital is the first China-based venture capital firm that exclusively invests in Blockchain-enabled companies. Our mission is to accelerate the inevitable future of Blockchain economy by supporting as many companies as possible. We strongly believe Blockchain technology will play an important role brining much more transparency, efficiency, and robustness into the global economy. With our experienced partners in both traditional finance and the blockchain technology and many startup companies, we hope to bring this vision into fruition.

Fenbushi Capital: http://fenbushicapital.com/


Related News

Trade finance: The latest industry to boost DLT adoption amid COVID-19

The COVID-19 pandemic has triggered the adoption of blockchain and DLT-based business solutions in the global trade ecosystem. As the coronavirus pandemic continues to push more people out of their offices, many companies across the globe are adopting decentralized ledger technology to mitigate its effects and remain operational. Emmanuelle Ganne, senior analyst at the World Trade Organization, told Cointelegraph that “The current pandemic, which has a devastating impact on small businesses, is an opportunity to accelerate trade digitalization, to the benefit of SMEs in particular.” Ganne....

Zamzam: How Modern Blockchain Technologies Can Change the Stock Market

The capitalization of the cryptocurrency market has for the first time surpassed the $2 trillion mark. This reflects the rapid development of the sector and the inflow of new capital into digital assets. Nevertheless, the crypto industry market cap remains several times smaller than the capitalization of the gold market  ($10.6 trillion) or the market for public shares ($100 trillion). Even more, capital is locked in productive assets in the accounts of companies and corporations, in the form of securities, bills of exchange, futures and options, which have been inactive for years,....

Derived Raises $3.3 Million to Build a Decentralized Synthetic Assets Platform

Derived Finance, a decentralized synthetics assets trading platform, announced a $3.3 million funding round led by over 30 crypto venture capital firms. Announced Tuesday, Derived Finance successfully completed a private funding round raising over $3.3 million shortly before launching their initial DEX offering, slated for October 13th. The funding will be used to develop key features for the Derived Finance ecosystem, build additional multi-chain solutions, and add more synthetic assets to the platform. The funding round attracted some of the biggest names in the crypto venture capital....

Commonwealth Bank, Wells Fargo Test Blockchain for Cotton Trade

Commonwealth Bank and Wells Fargo have announced they are testing blockchain for use in trade finance, focusing on the global cotton market. Working alongside blockchain startup Skuchain and Australian cotton trading firm Brighann Cotton, the two banks facilitated a transaction between a cotton buyer and seller. In statements, Commonwealth said that the test enabled all parties involved "to track a shipment in real time" using a distributed ledger. Michael Eidel, executive general manager for Commonwealth Cash-flow and Transaction Services office, said in a statement: "The....

Saddle Finance Redefines Trading of Pegged Value Assets with Ease And Security

Are you ready to Saddle up? A decentralized finance platform architectured to facilitate efficient trade between pegged crypto assets is now one of the most prominent names on the Ethereum blockchain. Saddle Finance, an automated market maker (AMM), is developing solutions to eliminate roadblocks related to the spread between stablecoins and tokenized crypto assets. In […]