Blockchain and trade finance have always seemed like natural partners, and a company based in India is taking another stab at cracking the code.
Persistence has built the back-end infrastructure for a trade finance system that will allow small and medium-sized buyers to more easily find financing for commodities purchased from sellers, traveling between the main trade hubs of Asia, places like Singapore, Hong Kong and Dubai, among others.
The startup closed a $3.7 million token round led by Arrington XRP, along with Alameda Research and South Korean stablecoin company Terra, among others. The backers are purchasing the Persistence token, or XPRT, which is set to be released sometime late this year or early next year, once macroeconomic conditions appear to be stabilized, said Persistence CEO Tushar Aggarwal.
Related: Boardroom Raises $2.2M for Blockchain Governance Toolset
Ã¢ÂÂCommodity trading is a notoriously difficult industry to penetrate,Ã¢ÂÂ Aggarwal told CoinDesk in an