Skuchain: Using funding from Amino Capital, DCG, and FBS Capital to build blockchain solutions for the global trade finance market

Skuchain is a Mountain View, California-based startup developing blockchain applications for B2B trade and supply chain finance. They are developing blockchain solutions to address the $18 trillion global trade finance market’s reliance on paper documents.

The global trade finance market is still dominated by letters of credit and guarantee agents. As a result, buying and selling transactions are very complex and cumbersome, involving a large number of entities, including buyers, sellers, logistics providers, banks, customs and other third parties. Lack of credit, long distances and slow feedback also increase transaction costs, complexity and time. In addition, these transactions are largely based on paper documents, so the original documents must be circulated around the world. Blockchain technology eliminates the need for paper documents and instead provides a secure and digital solution that can speed up transaction times, reduce costs, and provide suitable financing solutions for small and medium-sized enterprises.

Skuchain is working with a number of international banks to develop the project and has also received financial support from investors including Amino Capital, Digital Currency Group (DCG) and Fenbushi Capital.

Barry Silbert, CEO of Digital Currency Group, said:

Skuchain’s vision of creating a “commerce cloud” where trading partners can interact frictionlessly and gain high visibility into the supply chain is compelling. The Skuchain team and its blockchain products are well positioned to transform the trade finance industry, and Digital Currency Group is excited to support their work.

Barry Silbert, CEO of Digital Currency Group

Skuchain was co-founded by Sriram Srinivasan and Zaki Manian . Both are well aware of the challenges facing existing trade finance processes and the transformative potential of blockchain. Sriram is a former captain and a Wall Street technologist with entrepreneurial experience. Zaki is a security expert and a well-known cryptographic engineer who graduated from the University of California. Other members of the team include alumni from Stanford University and MIT.

Sriram Srinivasan, CEO of Skuchain

Sriram Srinivasan, Co-Founder and CEO of Skuchain:

“Collaborative commerce is the future of global trade. Skuchain’s blockchain technology will help trading partners work better together, unlocking faster, cheaper financing for businesses of all sizes.”

About Skuchain:

Skuchain is a developer of blockchain applications for B2B trade and supply chain finance and is based in Mountain View, California.

About Digital Currency Group:

Digital Currency Group (DCG) builds and supports Bitcoin and blockchain companies by leveraging its insights, networks and capital. Based in New York City, DCG has been an active seed investor in the digital currency industry, with 60 investments in 20 countries.

About Amino Capital:

Amino Capital is a Palo Alto-based venture capital firm that invests in seed rounds for companies related to big data and data-driven technologies, including the Internet of Things, medicine/genetics, artificial intelligence/business intelligence, drones, financial technology, security and infrastructure. The company was founded by a unique team of more than 40 technology executives and innovators from Google, Facebook, Yahoo, Tencent, Alibaba, University of Chicago, Stanford University and Tsinghua University, among others. Since its founding, the company has participated in seed rounds for more than 80 companies, as well as Series A and B rounds for some companies.

About Fenbushi Capital:

Founded in 2015, Fenbushi Capital is the first Chinese venture capital firm to invest extensively in blockchain companies. The company's goal is to accelerate the development of the blockchain economy by supporting as many companies as possible. The company firmly believes that blockchain technology can play an important role in improving transparency and efficiency and revitalizing the global economy. The company hopes to achieve its goals together with experienced partners in traditional finance and blockchain technology, as well as many startups.

Original article: http://finance.yahoo.com/news/skuchain-developing-blockchain-solutions-18-034200348.html
Author: Skuchain
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com//skuchain-developing-blockchain-solutions)