Blockchain Energy Trader VAKT Signs Four New Clients

Announcements, Blockchain | February 27, 2019 By:

VAKT, a blockchain platform for post-trade energy, has signed up four new clients prior to its platform’s official launch.

Launched as an independent firm in December 2017, Vakt is a blockchain-based post-trade processing platform. The platform, which went live in November 2018, aims to digitalize the paper-backed processing of physical commodity deals using blockchain technology. It is backed by energy majors BP, Shell and Statoil; trading houses Gunvor, Koch Supply & Trading, and Mercuria; and banks ABN Amro, ING and Societe Generale. Other Vakt investors include Chevron, Equinor, and Reliance Industries.

Etienne Amic, who was appointed as CEO of the company earlier this month, announced that Vakt has partnered with four new clients ahead of its official launch at International Petroleum Week that commenced on February 26. Amic added that the platform, which has previously only been used by its direct backers, will now be used in about two-thirds of all oil deals in the North Sea region.

“We felt that we needed about 60 to 70 per cent of a market to reach ignition point [that would] incentivize other people to join,” Amic said.

According to Vakt, it plans to eventually expand to barges of oil products such as gasoline, in Northern Europe as well as US crude pipelines.