Covantis Adds North American Grain and Oilseed Crops to Its Platform
Convantis was founded by a consortium of global agribusinesses including ADM, Bunge, Cargill, COFCO, Louis Dreyfus, and Glencore, launching as a legal entity in March 2020. Its goal is to use blockchain to digitize international grain trade, making it more simple, secure, efficient, and less expensive.
One year after initially operating in Brazil, Covantis announced it is now expanding with a North American launch that will cover wheat, canola, sorghum, barley, distillers’ dried grains, rice, corn meal, and beet pulp pellets, along with soybeans, soybean meal, and corn which were already available on the platform.
The platform included more than 50 entities from 16 agribusinesses, including its founding partners, able to execute shipments, and this North American launch is expected to significantly increase execution volumes.