InfiniGold, a commodity digitization and registry service incubated out of Australia’s Rozetta Institute, is leading the way in the tokenization of commodities on private and public blockchains. The Series B funding round coincides with the firm’s rebranding to Trovio.
According to the firm, the name Trovio reflects the agnostic nature of their technology which can be applied to a trove of different precious metals and commodity assets.
Trovio, formerly known as InfiniGold, has raised $6.25 million AUD in a Series B funding round co-led by Swiss-based Blockchain Valley Ventures and Amherst Holdings Ltd, a Hong Kong-based ultra-high net worth family office. Integra Partners and several seed investors also took part in the round.
The blockchain technology expert plans to use the cash raised to build-out its commodities digitization platform, CommoditiesPass. The platform-as-a-service allows the “fractionalization” of their physical assets and take their products directly to the market. This is expected to reflect in greater depth of liquidity for producers and distributors, as well as the opportunity to cap extortionate fees by disintermediating financial service providers.
The Trovio platform gives B2C and B2B participants seamless access to global commodity markets and improves supply chain transparency and new sources of finance.
Jon Deane, CEO of Trovio, said: “The tokenization of physical commodities offers a significant opportunity to an old-world industry. It enables new service providers across trade finance to offer greater clarity on supply chain transparency, opening up new markets while disintermediating existing financial service providers. Trovio’s platform, CommoditiesPass, interfaces directly with both private and public blockchains and enables our partners to remain focused on their core business without having to experience their own Kodak Moment.”
“Trovio, via CommoditiesPass and it’s Asset Tokenization Business, is a subversion to these rent-seekers allowing the Commodities Industry to cut out unnecessary middlemen while leveraging new technologies to preserve capital and increase liquidity”, he added. Mr. Deane was Managing Director, and Head of Asia Commodities Trading for JP Morgan, focusing primarily on ferrous metals, physical bullion, financial energy, base metals, and agricultural derivatives.
Trovio’s biggest client is The Perth Mint, a distributor of $18 billion (AUD) in precious metals worldwide, one of the world’s top gold producers, and statutory authority of the Government of Western Australia.