Xalts plans to build “Plaid for Trade” by acquiring Contour Network

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Accel and Citi Ventures-backed FinTech Xalts has acquired Contour Network from a group of global banks to establish a ‘Plaid for Trade’ supply chain network.

Contour was founded in 2017 by an alliance of eight banks to remove barriers to international trade finance through the use of Blockchain technology. The network currently has over 22 banks and 100+ global businesses as customers. The acquisition comes just months after Contour announced plans to close the business due to a lack of funding.

The initial focus will be on embedded applications for trade and supply chain finance, to allow banks, logistics companies, and technology companies to operate on the same platform.

Read More: Xalts to acquire Contour Network to build ‘Plaid for Trade’

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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