Earlier in the year, Covantis SA announced the launch of its transformational blockchain platform for post-trade agri commodities execution. The company announced this week the expansion of its network of participating companies which now includes 18 companies – major importers and exporters of agricultural commodities such as ADM, ALZ, Amaggi, Bunge, Cargill, CHS, Coamo, COFCO, C&D, Enerfo, Gavilon, Louis Dreyfus Company, Marubeni, Nova Agri, Olam International, Viterra and Zen-Noh Grain.

According to Covantis, the expansion enables majority of the exported bulk cargoes of corn and soybeans to be executed in one platform, thus optimizing the execution process by more efficiently connecting the market participants. The Covantis network now has over 500 users and 50 legal entities from all over the world.

The platform’s initial scope covers the shipment and execution of bulk commodities such as corn and soybeans from Brazil to any worldwide destination. Covantis will continue to invest in building new capabilities that increase value for its clients from origin to destination, thus creating a global network for efficient execution of bulk commodities.

In the second part of this year, Covantis plans to release some significant new features related to the document workflow such as: string/document bypass module, documentary instructions module and a document container. These new features will support users in the related trade execution processes by creating standardization and efficiency across the supply chain.