Blockchain-based B2B trading platform ModulTrade has formed a strategic partnership with Alibaba’s investment vehicle Yangting Internet Technology.
This partnership was formed to help SME customers using Alibaba, by enabling them to reach new markets and partners through the ModulTrade platform.
ModulTrade is an order matching, payment and tracking system through smart contracts on the Ethereum blockchain. The company supports cross-border trade in emerging markets, providing a transparent payment solution that helps to manage supply chains.
All business is conducted through ModulTrade token, serving as a proof of funds to support trust in the ecosystem. The company is currently in the process of raising an ICO, and has currently raised up to $11m.
Through the partnership, ModulTrade is opening an office in China during the second quarter of the year. Currently, the company has offices in Singapore, Russia and the UK.
Earlier in the year, blockchain technology developer Bluezelle closed an ICO on $19.5m from the sale of 165 million tokens. The company Singapore-based company is a decentralised database that helps software developers to hire storage on an individual’s computer, rather than using a data centre.
The global blockchain sector saw a huge rise in funding last year, compared to 2016, with there being over seven-times more capital deployed in the blockchain sector. While there was this change in capital, the same number of deals were completed.
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