The New Zealand Bank ASB participated in a $1.7 million seed funding round for a blockchain company called TradeWindow. The information was released on Monday by TradeWindow in a press release in which they informed that they are also planning a commercial launch in the near future.
TradeWindow Raises $1.7 Million In Funding Round
As per the official announcement, TradeWindow is a company located in New Zealand that is running a software-as-a-service (SaaS) business. Some of the investors include the Leroux family office, Te Hana consulting and the Rae Family office. New Zealand’s ASB Bank has also decided to participate in the investment.
By using a digital super-connector, TradeWindow enhances the whole supply chain and it provides higher efficiency and trust for the global trade. Furthermore, by using blockchain technology, it is possible to create a ‘single trading window’ that can be accessed by all parties involved in the export transaction.
That means that both, buyers and sellers, importers and exporters, will have access to it throughout the whole supply chain. ASB Bank participated in 2018 in a pilot conducted by TradeWindow in which they executed a trade between a meat exporter and a Korean importer.
Nigel Annet, ASB’s general manager of business banking, explained that this investment made in TradeWindow offers an opportunity to simplify the whole export process. Moreover, it also adds a secure layer for parties to share information such as data and documentation. It is worth mentioning that Nigel Annet is also on TradeWindow’s board.
Furthermore, the CEO and founder of TradeWindow informed that the new funding round is very important for the whole platform that is very close to commercial launch. This will definitely have a positive impact on the market and attract the interest of other companies in the region.