JP Morgan Exec Joins Commodities Blockchain Firm VAKT as CEO

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term commodities Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term VAKT announced on Wednesday that it has appointed Etienne Amic as its Chief Executive Officer (CEO).

"I was aware of VAKT from the start, but what impressed me was the success the company has had as a creation by a consortium of traders," said the new CEO. "To have such prestigious companies pulling in the same direction - many of them competitors - tells you this is something very powerful that the industry really needs."

Amic joins the blockchain company from CommodiTech Ventures, a commodities technology investment fund based in London, which he co-founded in October of 2017.

Alongside that role, he was working as Chairman of Vortexa, a cargo-tracking, and analytics company, which he also co-founded.

From JP Morgan to VAKT

The new CEO's most notable experience came with investment banking giant JP Morgan.

Amic joined the firm in 2007 as a Managing Director in its commodities trading division after his previous company, Bear Stearns, was acquired by the investment banking firm.

Launched just three months ago, VAKT has already received investment from commodities companies such as Shell, BP, and Equinor.

The company says that it wants to eliminate lengthy reconciliation and paper-based processes. Most notably, the firm says that it can speed up trade financing procedures which, at the moment, often take over a week to complete.

It claims that it can do that by establishing a "single source of truth" on the blockchain for buyers and sellers in commodities transactions.