Voltron, the renowned blockchain trade-finance project, seeks new dimensions for commercialization by rebranding itself as Contour. The independent global network was propounded by eight member banks of Voltron along with R3 (a renowned Fintech Consortium) in Singapore. It also got support from reputed firms like Bain & Company and CryptoBLK.
However, Voltron will first go through the basics before changing its status into an independent network. The onus of the project is to digitalize the letter of credit process, which Voltron was doing quite well, but to commercialize the whole phenomenon, it needs an online platform and rebranding as Contour is a move towards that.
The Contour network is expected to help Voltron’s main aim to reduce the processing time of the letter of credit by 90%, which will, in turn, attract more participants towards Voltron. Getting the financial support of the shareholders, Contour seeks to implement more technical talent through mass hiring to create the much-needed infrastructure to scale up the project.
In this regard, Joshua Kroeker, the blockchain lead for global commercial banking at HSBC (which is also a member bank of Voltron) said,
We’ve been working with letters of credit for a long time and have been trying to digitalize them for at least 20 years or so, so this isn’t something we want to do quickly in a huge race.
It’s something that we want to do right. We want to make sure that when we go live, we have a very substantial solution.