The largest oil company Saudi Aramco invested $ 5 million in the Vakt blockchain platform

The venture capital division of the world's largest and most profitable oil company Saudi Aramco has invested $ 5 million in the Vakt blockchain platform.

According to information on the Vakt website, oilThe company has become one of 12 platform investors. Vakt plans to direct the raised funds to the development of new markets, with the greatest emphasis being placed on Asian countries.

Under the terms of the transaction, the Vakt platform will be involved inits operations Aramco Trading Company. The latter currently specializes in serving participants in the North Sea crude oil market.

“Vakt revealed that their platform haspotential for digitalization of processes carried out mainly by hand. This will be a truly revolutionary transformation for end users.”, Said Hans Middleton, head of Saudi Aramco Energy Ventures. -By leveraging distributed ledger technology for complex post-trading processes, Vakt has taken a compelling step towards becoming an integral part of the market infrastructure.”

In addition to Saudi Aramco, Vakt currently works with companies such as BP, Equinor, Shell and Reliance Industries.

Saudi Aramco received a record in 2018profit - $ 111 billion with a total revenue of $ 355.9 billion. At the end of last year, the company raised $ 25.6 billion during the largest IPO in the history of finance, the value of Saudi Aramco was estimated at $ 1.7 trillion.

Recall that on ForkLog on Saturdays there is an overview of the most interesting blockchain initiatives.