Blockchain Weekly – March 20th, 2020

Blockchain Weekly features short summaries of the five biggest headlines from the world of blockchain.

After a brutal couple of weeks for all kinds of markets, there were some positive developments in the world of enterprise blockchain development.

Citi tops up its investment into trade finance platform komgo [The Block]

Citi, one of the founders and primary investors of komgo, has increased its stake in the commodities trade finance blockchain initiative. Launched two years ago by 15 global banks and energy market players, its digital letter of credit can be issued in 1 day, as opposed to the industry average of 10 days. komgo eventually hopes to develop features such as inventory financing on its Ethereum-based platform.

Binance and WazirX create $50million fund for Indian blockchain development [Coin Telegraph]

Binance and its November 2019 acquisition WazirX have announced a $50million fund to help blockchain projects in India. The plan is to invest between $500,000 and $5million in projects, as well as giving them access to Binance’s other services, such as decentralized exchange, launchpad, cloud (white label exchange), research, academy, other portfolio companies, Binance X, and Binance Chain. The creation of this fund follows a recent loosening of restrictions around cryptocurrency in the country.

Bakkt announces massive $300million round ahead of consumer crypto app launch [Finance Magnates]

Bakkt, best known for its bitcoin futures product, has just raised a $300million Series B round ahead of the expected summer 2020 launch of retail and merchant apps. Investors include its founder, Intercontinental Exchange, as well as Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, and Pantera Capital.

Toyota Blockchain Lab to launch trials with external partners [Ledger Insights]

Founded last April, Toyota Blockchain Lab brings together the automotive and financial arms of the Japanese conglomerate with partners, suppliers, and dealers. One of the initiatives is around blockchain identity, created in partnership with Securitize-owned BUIDL. Other areas of interest are data sharing and transactions between vehicles and various vendors.

Argentinian gas regulator to use blockchain across its national network [Coindesk]

Energas has approved the expansion of its blockchain-based gas distribution platform to the whole country after a successful trial with 2 million residents. Gasnet was developed by local blockchain development firm Grupo Sabra and IOV Labs on the permissioned RSK Enterprise platform.

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