Popular New Zealand-based bank, ASB bank, has consistently shown support for blockchain-related projects including the latest funding for a supply chain blockchain startup, TradeWindow.
According to a report today on a local news platform, Scoop, TradeWindow confirmed that the bank, in collaboration with two other firms, family office Leroux and Rae family office jointly completed a seed funding round of NZ$ 2.67 million ($1.8 million).
The New Zealand-based startup hinted that the new funding would help facilitate the commercial launch of its blockchain trade finance platform to sell software-as-a-service (SaaS) supply chain solutions, which would promote efficiency and trust for global trade.
As per the report, the TradeWindow platform utilizes the blockchain tech to establish a ‘single trading window’ for its users and share trade information among the parties involved in a supply chain, thus reducing cost, fraud, and other security threats.
Commenting on the development, Nigel Annett, executive general manager of business banking at ASB, was quoted as saying in the report:
ASB supported and invested in TradeWindow early on because we could see the opportunity and the need to simplify the export process while also providing a secure platform to share relevant information and documentation.
AJ Smith, TradeWindow CEO, and founder stated that since the inception of TradeWindow, the platform had undergone a series of tests and validation to prepare it for commercial launch.
He added that the investors are aware of the several challenges that importers and exporters of goods and services experience, and have promised to provide valuable opportunities for the supply chain industry.
“This is piquing the interest of some of the region’s most experienced exporters, carriers, banks, ports, and airlines,” he added.
Notably, ASB’s recent investment in the startup is one out of the many times the financial institution has invested in the firm, with reports suggesting that the bank now owns about 21% of TradeWinow’s entire shares.
In a similar development, Coinfomania reported earlier this year that Nasdaq led a $20 million Series B investment in an enterprise blockchain startup, Symbiont.