Skuchain Developing Blockchain Solutions for $18 Trillion Trade Finance Market

Skuchain Developing Blockchain Solutions for $18 Trillion Trade Finance Market With Funding From Amino, DCG, and FBS Capital (PRNewsFoto/Skuchain)

Skuchain is a startup in Mountain View CA, that is creating blockchain-based products for B2B trade finance and supply chain finance. They are developing solutions to address the 18 trillion dollar global trade finance market that still relies on paper documentation for most processes.

The market is currently dominated by products like Letter of Credit ($2.3 Trillion) and Factoring ($3 Trillion). Trade transactions are complex and cumbersome, involving numerous entities including buyers, sellers, logistics providers, banks, customs, and other third parties. Lack of trust, long distance, and slow feedback loops add cost, complexity, and time to these transactions. They are largely still paper-based, with original documents forwarded around the world. The blockchain removes the need for paper by offering a secure and digitized solution that can increase speed, decrease cost, and make financing available to small and medium sized businesses in locations where finance solutions were previously not accessible.

Skuchain has development projects under way with multiple international banks, and is supported by investors including Amino Capital, Digital Currency Group, and Fenbushi Capital. “Skuchain’s vision of building a “commerce cloud” where trade partners can interact friction-free and gain deep visibility into their supply chains is compelling,” says Barry Silbert, Founder and CEO of Digital Currency Group.  Silbert added, “The Skuchain team and blockchain-enabled product is well-positioned to transform the trade finance space and DCG is thrilled to back such an ambitious effort.”

Sriram Srinivasan and Zaki Manian, who know first hand the challenges of existing trade finance processes and the transformative potential of blockchain technology, founded Skuchain. Sriram is a former ship captain and Wall Street technologist with previous startup experience. Zaki Manian is a UPenn alum, security expert, and well-known cryptoengineer. Other team members includeStanford and MIT alums, with previous successful startup exits and more than 30 patents issued.

“Collaborative Commerce is the future of global trade. Skuchain’s blockchain technology will help trading partners work better together, and unlock faster and cheaper financing for businesses of all size.” – Sriram Srinivasan, co-founder and CEO of Skuchain

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