FQX is a startup that enables electronic promissory notes using blockchain or eNotes. Yesterday it said it processed two further financings for an unnamed Swiss commodity trader to the tune of $500,000. The solution uses the Swiss Trust Chain, the blockchain infrastructure developed jointly by Swisscom and the Swiss Post. Switzerland is one of the major world hubs for commodities trading.
These transactions were used to finance two transatlantic shipments of metals. Instead of using a bank, the funding for the eNotes was provided by a private investment firm. Yesterday we reported that Triterras had become a Nasdaq listed unicorn based on billions of dollars of blockchain trade tracking as well as trade finance provided by non-bank institutions.
“Electronic promissory notes make liquidity available where it is needed for businesses, while also offering attractive investment opportunities for financial institutions,” said Frank Wendt, FQX CEO. “Each eNote issued via FQX is assigned an ISIN number, making it easily transferable to other investors.”
Electronic signatures are used to issue and transfer the eNotes securely. Another layer of trust and risk mitigation is provided by partner ARVIEM that uses sensors to track the shipments. It also monitors door openings, temperature and container shocks.
Swisscom provides the infrastructure to numerous Swiss banks. Hence FQX refers to the Swiss Trust Chain as “banking grade DLT” based on Hyperledger Fabric.
Swiss Post and Swisscom first unveiled plans for the Swiss Trust Chain almost two years ago. Swisscom built an ecosystem around digital assets by investing in several startups. These include digital asset custody firms Metaco and Custodigit, digital bank Sygnum, and daura, the SME share registry and tokenization firm in which Swiss stock Exchange SIX also invested. Additionally, Sygnum is an investor in the other ecosystem firms mentioned.
