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The venture capital arm of oil tycoon Saudi Aramco—cited as one of the most lucrative companies in the world—has plowed $5 million into the blockchain-based commodities trading company Vakt.
Saudi Aramco Energy Ventures (SAEV) is the latest in a chain of 11 investors staking a claim in Vakt. Alongside the millions in fresh capital, the oil magnate's subsidiary trading firm, Aramco Trading, plans to utilize the Vakt platform, providing remarkable exposure for blockchain technology.
According to a company press release yesterday, Vakt, a commodities post-trading company powered by blockchain, now flaunts 12 shareholders, with Saudi Aramco's SAEV taking point.
An investment of this scale from one of the world's biggest oil producers is no small feat. According to Bloomberg, Saudi Aramco is the most profitable company in existence. For both Vakt and its underlying blockchain technology, this venture stands as a huge nod of approval—and one which will likely resonate around the world.
"Leveraging blockchain theory and applying it to the complicated world of post-trade processing, VAKT has made a compelling pitch to become an integral part of market infrastructure," said Hans Middelthon, managing director of SAEV Europe.
With this latest capital injection, the emergent trading company aims to expand into the Asia market, bringing with it further legitimacy for blockchain-based firms and their underlying technology.