In the world of finance, blockchain technology is fast becoming a game-changer due to its numerous benefits and unparalleled security solutions. Particularly in trade finance where transactions are often complex and susceptible to risks, blockchain represents an innovative alternative. One such company harnessing the power of blockchain technology is Factorin, a leading name in the sector. Based in Moscow, Russia, Factorin has carved a niche for itself as a blockchain-powered trade finance platform, providing financing for an impressive number of invoices and supplies.
Factorin eliminates the manual steps in data and document exchange between business parties, a process that ensures supreme levels of security and confidentiality. By automating trade finance as well as Anti-Money Laundering (AML), Know Your Customer (KYC) and scoring processes, Factorin greatly reduces the cost and time of these processes while minimizing the risks of fraud and human errors. As of October 9, 2020, it has passed the US $1 billion benchmark, financing nearly 600,000 invoices and supplies. Factorin operates 55 mainnet nodes, has established relationships with 35 active banks, has onboarded over 600 companies and has processed 1.2 million transactions.
Key Takeaways:
- Factorin is a leading blockchain powered trade finance platform based in Moscow, Russia.
- The platform eliminates the manual process of data and document exchange between parties, ensuring high levels of security and confidentiality.
- By automating trade finance as well as AML, KYC and scoring, Factorin reduces the cost and processing time while minimizing risks.
- Factorin has passed the $1 billion benchmark, financing nearly 600,000 invoices and supplies, and processed 1.2 million transactions.
- With 35 active banks and over 600 companies using the platform, Factorin is among the world’s leading decentralized platforms.
What sets Factorin apart from competitors is its application of blockchain technology to trade finance. Its decentralized platform provides security solutions that are unprecedented in the industry. Its impressive metrics alone testify to its unique positioning – having passed the US $1 billion financing mark within a short span of operation. Factorin’s innovative business model, driven by blockchain technology, suggests a promising trajectory for the start-up, attracting considerable attention among industry participants. Factorin’s success is indicative of a larger trend – the increasing acceptance and integration of blockchain in the finance sector.
Factorin’s future as a leader in blockchain-powered trade finance looks promising. Not only is it transforming the industry’s conventional operations, but it is also leading the way for other finance start-ups to embrace blockchain technology for security, efficiency and value. Its rapid growth and the trust it has garnered amongst its clientele leads one to believe that Factorin is just getting started. Given its potential, we expect to see Factorin scaling new heights, thus driving the adoption of blockchain technology across trade finance.
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