To report it is Reuters in an article published today, the Saudi state oil company (Saudi Aramco) took over Vakt (blockchain company that aims to digitize the trade of raw materials) for a figure of 5 million dollars; the objective, in the immediate term, is to allow Aramco Trading to use the Vakt platform, currently active in the North Sea crude oil markets of Brent, Quaranta, Oseberg, Ekofisk and Troll, thus moving the trading on blockchain.
As reported by Cointelegraph Hans Middelthon, CEO of SAEV Europe (the European arm of Saudi Aramco Energy Ventures), said that:
VAKT has shown that their platform has the potential to digitize what is currently a very manual process.
Vakt, born in 2017, began operating in December 2018 by launching its trading platform for the trading of crude oil extracted in the North Sea; currently the platform brings together some of the giants of the oil market such as, for example, Shell, Total and Chevron.
In any case, it is not the first time that the Saudi oil giant invests in blockchain technology, already in May 2019 the company had participated in a 6MLN dollar round of financing invested in the American startup Data Gumbo Corp; it is, moreover, Saudi Arabia itself to be one of the countries that is investing most in blockchain technology at both a private and state level.
Just think, just to mention one of the most interesting cases, that just one year ago, as reported by the official press agency Emirate News Agency, the United Arab Emirates (UAE) and Saudi Arabia had announced an agreement that provided for the creation of a common cryptocurrency initially aimed at banks to allow them to better understand the implications of blockchain technology and facilitate cross-border payments.