Saudi Arabia-based oil company Saudi Aramco has just put $5 million into a blockchain-based trading platform, Vakt, according to Reuters.
Vakt is a cryptocurrency trading platform with the goal of expanding into other countries with a focus on Asia, and Saudi Aramco’s investment will ensure they can do just that. The $5 million represents entirely new shares, the company noted, and subsidiary Aramco Trading Co will be utilizing Vakt. Aramco is now one of twelve shareholders.
Saudi Aramco’s usage of the platform will float Vakt’s trading volumes, of which are already fairly high, notes a press release.
Speaking on the matter is Richard James, the CFO of Vakt:
“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 calibre, which is a tremendous show of faith in VAKT’s vision.”
Vakt’s CEO, Etienne Amic, also notes that “the North Sea is just the start” for the expanding company. While the project utilizes a blockchain-based system, Vakt has a focus on physical commodities. Since its launch in 2018, the project has honed its approach to better serve “global waterborne oil,” hence Saudi Aramco’s interest in it.