TORONTO--(BUSINESS WIRE)--Trust Chain Global, a next generation end-to-end transaction platform for large scale commodities, has secured its seed round with Toronto-based venture capital firm N49P. Participating in the round is also Entrepreneur First, an international entrepreneur accelerator growth program based in the UK. This equity financing will allow Trust Chain Global to ramp up its engineering team, business development efforts, and marketing activities in countries around the globe.
“Trust Chain is improving a massive industry, commodity brokerage, by providing them with tools that enhance their current workflow while reducing risk and inefficiencies. Many deals are brokered via informal channels and a large percent fail to complete due to lack of transparency and verifiable information. Trust Chain is providing its customers with tools that validate information and significantly increase the chance of a deal being completed. We are excited to back founders that understand the market and already have a strong customer base,” said Alex Norman, Partner at N49P.
Large scale complex transactions particularly in commodities and government supply chains offer a unique opportunity to improve current processes and mitigate risks by creating innovative digital solutions. For instance, one of the industries with rampant fraud but also a huge opportunity is the Personal Protective Equipment (PPE). Ensuring that PPE products (Cranberry Gloves, 3M Masks, Cardinal, etc.) are genuine is not a simple task. It's exceedingly difficult to trace real products from manufacturers all around the world through handoffs to different parties such as distributors, resellers and brokers. As a result, many buyers and sellers question the product authenticity and don't have confidence in the ability of other parties to successfully transact.
“The name 'Trust Chain' reflects the company's main goal - using technology to provide trust and confidence to legit players in the field. “Global” as we aim to take care of the full lifecycle of the transaction on a global scale,” said Giancarlo De Lio, Managing Partner/Co-Founder of Trust Chain Global.
Trust Chain Global delivers a single, frictionless experience for global transactions and payments throughout the deal lifecycle. Rather than a combination of manual processes, fragmented technologies, and unstandardized communications, with Trust Chain Global, transacting parties can manage their documentation, use platform financial services like escrow and paymaster, as well as platform digital solutions such as identity and product verification while staying secure and compliant with the help of platform auxiliary features.
“It is pretty rare that you come across a big market that affects everyone's life yet experiences some real pains, which no one has addressed yet. Adding the fact that the solution involves digitally enabled transparency and fintech services, makes it even more exciting. For me 2022 is marked as an opportunity to make a huge impact in a space that hasn't really changed in 20 years,” said Katrin Shechtman, Managing Partner/Co-Founder of Trust Chain Global.
The platform utilizes both traditional and blockchain technologies to verify and auto-execute contracts along with escrow and paymaster services creating a fully automated process to securely transact with verified buyers, sellers and intermediaries. Trust Chain Global is a trusted, neutral 3rd party that brings all participants on the supply chain together with transparency, efficiency, and reliability of data.
About Trust Chain Global: Trust Chain is a workflow management solution and a fintech platform that allow parties of the global commodities community to transact faster and safer in a transparent and compliant manner. With built-in continuous identity verification, digital escrow and payments, as well as smart deal management, all parties transact fast and with confidence letting the commodity reach its destination faster. Founded in 2021 by serial entrepreneurs and technologists, Trust Chain Global is dedicated to bringing trust, confidence and transparency to commodities buying and selling through technology.
To learn more, visit https://trustchain.global/