UK & Europe
Global law firm Clyde & Co has today announced that it will be providing legal services to Komgo SA, which launched today. Komgo is a consortium of leading banks, trading and energy companies that will digitalise trade and commodities finance processes through a blockchain-based open platform.
Clyde & Co will provide legal support to Komgo through its smart contracts, blockchain and tokens consultancy Clyde Code. Led by partners Ian Chung and Patrick Murphy, the team will assist in the setup of this first of its kind venture and provide ongoing support.
Patrick Murphy, partner at Clyde & Co, says: “Komgo has the potential to transform the way trade and commodities financing takes place and is a tangible example of how blockchain technology can reimagine and refashion old and inefficient processes. We look forward to supporting them with legal advice and services as they establish themselves and grow.”
Komgo is a partnership between ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale.
The blockchain platform will be developed in partnership with ConsenSys, a global formation of technologists and entrepreneurs building applications, infrastructure, and solutions on the Ethereum network. It will first be used for energy and be followed by agriculture and metals next year.
Komgo will operate out of Geneva and will start with two products. The first one will standardise and facilitate the know-your-customer process. The second product will be a digital letter of credit, allowing commodity houses or other platforms to submit digital trade data and documents to the Komgo customer banks of their choice.