Vakt has recently announced that Saudi Aramco Energy Venture (SAEV), a state oil company of Saudi Arabia, has invested $5 million to become a shareholder in the company. Vakt has stated that its current shareholder base has 12 investors, who were the largest players of energy and commodities trading in the world. It added that their investments would help Vakt in developing its platform.
Vakt Mordenizes Oil Trading
According to reports, Saudi Aramco was not the first crude oil market that made a deal with Vakt. Earlier, it had partnered with the North Sea crude oil market where it remained active for a long time. The Vakt is a platform that eliminates the paper-based process and manual accounting practices so that it could provide a smooth trade to the energy transactions.
Regarding the investment, Hans Middleton, the managing director of SAEV Europe, has stated,
“VAKT has demonstrated that their platform has the potential to digitize what is currently a very manual process and be truly transformative to end-users and customers. Leveraging blockchain theory and applying it to the complicated world of post-trade processing, VAKT has made a compelling pitch to become an integral part of market infrastructure. SAEV’s mission is to develop and deploy technologies into Aramco’s operations. VAKT is an excellent candidate in this sense and we look forward to helping the company with its development.”
In December 2018, along with some limitations on the North Sea Market, Vakt launched its trading platform. In the year 2017, when the company was created, the two consortium leaders of the industry i.e., Shell and BP became the first users of the platform. Later, Chevron, Total and India’s Reliance Industries also became its users. In the year 2019, Saudi Aramco invested $6 million in American Blockchain startup Data Gumbo Corp via its venture subsidiary.