Envoy Group, the Blockchain-based supply chain and trade finance startup is looking forward to expanding beyond Latin America after getting an investment worth $13 million from Alcedo Digital Ventures.
Built on R3’s Corda platform, Envoy is promising to reduce inefficiencies injecting liquidity to accelerate the $17 trillion annual global trade flows into the digital age. The platform will enable buyers and sellers to manage trade logistics globally as it is designed to integrate seamlessly with all third party blockchains and legacy data systems. As a result of trust, it will also help to find new funding sources supported.
The trustless nature of blockchain built smart contracts will help automate workflows of trade globally as well as cross border payments using the steller based NVOY token. Envoy confirms that as it is already Latin American clients, the new funding will help them expand its services beyond and move into other major trade corridors.
The Funding Will Help Envoy Grow Beyond Latin America
Envoy is built to ease trade for all market participants. By connecting the capital with companies that need it to trade, the platfrom intend to close the $1.5 trillion funding gap. Businesses, whether small or medium-sized, requires funds to thrive and to fulfil their potential. According to Lee Tarone, the CEO of Envoy, global trade remains slow, expensive as well as prone to errors on paper. By using blockchain technologies, the company is cutting these obsolete processes to offer instant, inexpensive and optimum digital trading environment.
Founder and CEO, Simon Smith at the Alcedo Digital Ventures & The Alcedo Group of Companies said that as they have a portfolio of fintech investment, Envoy fits perfectly in the criteria. The team of Envoy has designed a solution that provides massive benefits to stakeholder, which displays their understanding of global trade. Not only stakeholders, but even financiers will also be benefitted from lower-cost origination, reduced fraud and higher efficiency, which makes so much sense. Smith further added that their investment would enable Envoy to thrive quickly.