Home Finance Voltron Follows New Trend For Commercialization; Rebrands as Contour

Voltron Follows New Trend For Commercialization; Rebrands as Contour

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.

He added,

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.

Ray Buckler
Ray Buckler
Ray is a journalist and completed his journalism. He has an experience of 5 years as a senior journalist. He can be reached by email: ray@forexnews.world.

Must Read

The Volatile US Stock Market Traits Amidst Pandemic

The recent pandemic has been the most devastating thing that every single trade has experienced. Every business got impacted by this COVID-19 pandemic. With...

A Momentum Shift in NZD Could Lead to Test of 0.6490–0.6465

The New Zealand currency (NZD) woke up to a rude shock on Friday as it began trading lower after reaching the highest level since...

Chinese Yuan Leads Charge in the Risk-on Trades as USD Falls Flat

The US dollar suffered losses against the majority of the currencies on Thursday as rally in riskier assets such as commodities and global equities...

A New Dawn Ushers in as Binance Takes Over Swipe in Crypto World

Binance, one of the leading digital currency exchanges, has acquired the Crypto payments platform, Swipe, for a sum of money that has not been...

Dollar Sinks as Doubts Surface over Recovery

As the world economy is gradually recovering from the COVID-19 pandemic, the US services data provided everybody a zing of confidence, although the dollar...