UK-based blockchain startup VAKT Holdings Ltd has raised ₹35 crores ($5 million) from Reliance Industries Limited. The startup is establishing a digital ecosystem for physical post-trade processing using the power of blockchain. Reliance’s digital journey will be escalated by the strategic development in the emerging and evolving blockchain technology provider for energy markets.
Reliance has bought 5.56 per cent stake in the firm. VAKT is an association of 9 leading energy companies and banks committed to bolstering the blockchain technology. The firms are working together to develop blockchain solutions to age-old problems. The process is focused to eliminate reconciliation and paper-based methods by enhancing the efficiency of trade finance opportunities.
Reliance has not been associated with blockchain for the first time. Earlier it was reported that RIL was set to launch its own cryptocurrency called Jio Coin in January this year when there was a solid boom in the cryptocurrency markets. However, Jio Coin never became a reality as the cryptocurrency markets are struggling and Bitcoin has lost more than 80 per cent of its value since January.