Spiko, a Paris-based platform providing access to tokenized money market funds, is partnering with Concordium in a move to eliminate the need for escrow in trade finance.
According to a release, the Concordium partnership will address the current analog and outdated process to help firms participate in global trade finance opportunities.
Concordium is a blockchain that incorporates an identity layer using zero-knowledge proofs. Leveraging this capability, Spiko intends to offer instant cross-border transfers of tokenized funds.
Spiko notes that funds held in tokenized money market funds continue to generate returns while locked, allowing capital to remain productive.
Spiko says the opportunity is vast as it targets the $2.5 trillion global trade sector.
Paul-Adrien Hyppolite, CEO of Spiko, says global trade finance is one of the few remaining sectors of finance that depends on fax machines and emails.
“With Concordium, we’re enabling programmable settlement for the first time, payments that move at the speed of information, backed by regulated assets and verified participants.”
Spiko launched in 2024 and reports having processed $900 million in working capital since inception. Spiko’s tokenized money market funds hold short-term government debt from Eurozone countries and the US Treasury.
Spiko states that it has surpassed $400 million in assets under management and recently raised $22 million from investors.
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