Singapore-based blockchain startup dltledgers announced the completion of its Pre-Series A funding round by VC firm Walden International, Yahoo! Finance reported.

“I believe we are resolving unique business challenges in inter-operability; global business and cross border trade will thrive in an open and trusted framework. dltledgers is working on a 300 years old problem and we are executing well on our defined strategy,” said Samir Neji, Founder, and CEO of dltledgers.

“The capital raised will be used for talent acquisition and market expansion into the region,” he added.

Founded in 2017, dltledgers offers options to digitise cross border trade execution.

It provides products on an inter-enterprise, plug-and-play blockchain platform using smart contracts, allowing traders on the platform to automate the creation of trade flows and build a digitally signed consensus framework among multiple parties such as banks and other financial organisations.

Also Read: EasyParcel receives US$10.6M funding from Gobi Ventures and AirAsia

dltledger’s blockchain-based network can be accessed through an online Software-as-a-Service (SaaS) subscription with the capability to integrate into a company’s existing enterprise systems for easier linkages to blockchain-based processes. It currently supports integration into software from SAP, Microsoft, and Google Cloud Platform.

The company claimed to have a network of more than 340 international trade house customers globally and has facilitated more than US$1 billion of trade executed across over 30 banks and a network.

Cross border trade is growing in scale and becoming more complex, causing inefficiencies and challenges that drive margins down. Dated processes and a massive amount of document clog cross border trade operations and related trade finance.

Image Credit: Kaley Dykstra on Unsplash