Saudi Arabia’s state oil company, Saudi Aramco, has bought into the blockchain-based oil trading company Vakt. Saudi Aramco’s Energy Ventures branch has bought $5 million in new shares. The investment will be used to develop the platform, with a focus on expansion into the Asian market. In addition to investment, the oil conglomerate’s trading subsidiary Aramco Trading is set to use the Vakt platform.
Aramco Trading will add its trading volumes to the blockchain-based platform.
According to Wikipedia, “Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national petroleum and natural gas company based in Dhahran, Saudi Arabia. It is one of the largest companies in the world by revenue, and according to accounts seen by Bloomberg News, the most profitable company in the world”