Citigroup increased its stake in a sturtup blockchain

Giant bank Citigroup announced that it has increased its stake in the Komgo sturtup that is based on Ethereum's blockchain technology.

Citigroup increased its stake in a sturtup blockchain

The future of decentralized finance

Citigroup, the major investment bank, has announced an increase in its stake in Komgo, the Ethereum-based startup that provides financial services for decentralized commerce. The announcement was made by Citigroup's head of international finance for the commodity trade, Kris van Broekhoven, in a chat with ConsenSys on March 10.

Komgo is an Ethereum-based platform that aims to simplify trade finance in the commodity markets by communicating through Blockchain technology between securities merchants, financial institutions and commercial service providers. Citigroup has increased its stake in Komgo in order to promote its development. Broekhoven said Citigroup is very committed to "digitizing commerce." Komgo has already managed to partner with several major financial institutions worldwide, such as the Societe Generale, the Sumitomo Mitsui Banking Corporation and the ING Group.

Broekhoven added that: "Blockchain technology is now a catalyst to move the industry toward electronic data processing."