Centrifuge and crossinx partnership — the first step to change the rules of global trade
At Centrifuge, our mission is to change the rules of global trade (for the better, I hope this goes without saying!). We are achieving this by allowing anyone who is willing to do so to provide finance-focused services to the participants of the financial supply chain. Those services center around lending, financing, insurance as well as fairer and faster payments, to name a few examples.
Our goal always had been to offer those services to as many companies as possible, small and large, regardless of location or industry. In that regard, we are extremely proud to announce a partnership with crossinx, the leading network for financial business collaboration. The goal of our joint offering is to provide supplier financing to the more than 150,000 companies that are already part of the crossinx network worldwide. Crossinx’ customers come from a wide variety of industries and vary greatly in size. They all trust crossinx’ expertise in e-invoicing and B2B collaboration.
The first phase of our joint project just concluded, so we feel it is time to announce our partnership. As part of an industry-wide initiative labeled “Network of Networks,” crossinx is leveraging the Centrifuge Operating System to exchange business documents (think purchase orders and invoices, as a start) through our decentralized network. We are extremely excited that the first corporates that are leveraging the solution are two of the largest chemical providers in Europe. The current stage of this “Network of Network” initiative involves the addition of shipping and logistics players that require instant access to the single source of truth that the Centrifuge OS provides. A logical next step is the addition of banks and financing partners, offering supply chain finance based on the tokenized assets that the Centrifuge protocol creates.
For crossinx, the “network of network” pilot is just a first stepping stone for a broader offering around supplier financing. With our Centrifuge nodes up and running, crossinx is already set up to allow the addition of all kinds of financial services to their broad base of more than 150,000 suppliers, providing them with a powerful value-add not available before.