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Blockchain Initiative Has New Name

ABCD agribuinsess firms launch Covantis

COVANTIS LOGO

The blockchain initiative founded by global agribusiness firms Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus officially launched under the banner of Covantis.

The project aims to replace legacy post-trade processes with blockchain, AI and other solutions.

The initiative was launched last year by the four firms, with COFCO and Glencore joining later.

A new website, covantis.io, explains the initiative's vision to connect the agri-industry via an independent and trusted digital platform to enable post-trade efficiency for all participants.

The digital platform is now in development and expected to launch in 2020 subject to regulatory approvals.

Stefano Rettore will lead the project as an independent advisor during its development phase – including overseeing the search for a CEO – until governance is in place and a CEO is appointed. Rettore has more than two decades of global experience in the agribusiness industry. He served as president of ADM's origination business and, prior to that, as the company's chief risk officer. Before joining ADM, he held a series of leadership positions at agricultural co-op CHS Inc.

The future entity, executive appointments and the platform itself remain subject to regulatory approvals.

"I am delighted to help lead the Covantis initiative as we build toward the launch of a ground-breaking new technology platform," says Rettore. "Covantis offers a path to improve agricultural trade, unlocking significant value for all players across the supply chain. By working collaboratively with the industry, we have an opportunity to build a more effective, more efficient digital future for global trade."

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