Overwhelming market interest for blockchain-powered oil trading platform VAKT: Gunvor

An initiative to modernize energy trading processes through blockchain was receiving overwhelming interest from market participants, Chief Operations and IT Gunvor Group Eren Zekioglu said in an exclusive interview. The new platform, to be developed by a newly created, London-based company called VAKT, aims to modernize the post-transaction management of physical energy commodities trading. Gunvor kicked off the collaborative project in November 2017 together with a consortium of companies including energy majors BP, Shell and Statoil; trading houses Koch Supply & Trading and Mercuria; and banks ABN Amro, ING and Societe Generale. Eren Zekioglu, Head of Operations and IT, Gunvor Group “The amount of interest we’ve seen since the launch has been overwhelming. The biggest names in our respective industries have all contacted us, expressing an interest in being part of this movement,” Zekioglu said. “From being a participant, a user, or even an investing partner, the market has expressed its support, and we’ll reciprocate that support with collaboration. The commodities trading industry, which is known for being one of the most competitive in the world, has clearly sent us a message that it wishes to unite to move it forward,” he added. Few details on the functionality of the… continue reading

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