Although international banking giant Goldman Sachs is not too fond of cryptocurrencies, they don’t have an issue with blockchain technology even though the former and the latter are interconnected.
Interestingly, the bank has links to the cryptocurrency community given that it owns Circle, the firm that bought out cryptocurrency exchange Poloniex. In more recent news, the bank has also started a bitcoin futures trading desk. However they refuse to talk about cryptocurrencies in public.
On Tuesday, they showed support for Tradeshift, a company that has leveraged blockchain technology in their supply chain payments and marketplace. They have contributed nearly $250 millionn a Series E funding, along with Public Sector Pension Investment Board (PSP Investments). Additional participation comes from HSBC, H14, GP Bullhound, and Gray Swan, a new venture company established by Tradeshift’s founders.
Darren Cohen, Global Head of Principal Strategic Investments at Goldman Sachs, said, “Given the rapid increase in B2B online transactions, online marketplaces are no longer just for consumers. Tradeshift has established itself as a leader in supply chain commerce by enabling corporations around the globe to take greater control of their supply chains.”
The duo are the latest in the line of investors to queue up to help Tradeshift realize their vision. Other investors include, HSBC, American Express Ventures, CreditEase Fintech Investment Fund, Notion Capital, Santander InnoVentures, among others.
Seconding this thought Vinay Mendonca, Global Head of Product and Propositions, Global Trade & Receivables Finance at HSBC said, “Modernising trade and supply chain solutions is a strategic priority for HSBC. We are investing heavily to enable simpler, better and faster experiences for clients. Our partnership with Tradeshift allows us to provide fully digitised and automated working capital propositions across the entire supply chain ecosystem, supported by the breadth and depth of our global network. We are really excited to offer our clients a full range of integrated propositions across the financing and payments spectrum.”
The company enables supply chain payments and marketplaces for brands such as HSBC, Air France-KLM, DHL, Siemens, Societe Generale, Unilever, and Volvo.
Weighing in on the developments, Tradeshift CEO and Co-Founder Christian Lanng said, “We are very happy with this validation of our vision. We have always believed that the future of supply chains is 100 percent digital and that connecting trade is just the first step to a digitally connected economy. This investment will enable us to continue our rapid growth and consolidate our leadership position. We welcome Goldman Sachs and PSP Investments as our newest investors and look forward to their valuable contributions as we enter our next growth phase.”
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