Contour aims to breathe new life into letters of credit

26 February 2020

Citi has announced it is joining trade-finance network Contour, joining Standard Chartered, HSBC, ING and six other banks that have been behind the platform for a number of years. But Contour itself is a new creation, which also recently announced its “launch”.

Contour is the corporatized, commercialized incarnation of “Project Voltron”, run by that original group of banks, along with R3, Bain & Company and CryptoBLK to put letters of credit on a distributed ledger.

Its debut is in some respects a story of continuity. Carl Wegner, previously Asia Pacific head at R3, is now the CEO of Contour. CryptoBLK, the Hong Kong software developer that built the original Voltron app on top of R3’s Corda platform, is also building Contour’s apps.

Read more at DigFin, here.

 

Contour aims to breathe new life into letters of credit

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