home Latest News JP Morgan Exec Joins Commodities Blockchain Firm VAKT as CEO – Finance Magnates

JP Morgan Exec Joins Commodities Blockchain Firm VAKT as CEO – Finance Magnates

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Blockchain commodities trading platform VAKT announced on Wednesday that it has appointed Etienne Amic as its Chief Executive Officer (CEO).

“I was aware of VAKT from the start, but what impressed me was the success the company has had as a creation by a consortium of traders,” said the new CEO. “To have such prestigious companies pulling in the same direction – many of them competitors – tells you this is something very powerful that the industry really needs.”

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Amic joins the blockchain company from CommodiTech Ventures, a commodities technology investment fund based in London, which he co-founded in October of 2017.

Alongside that role, he was working as Chairman of Vortexa, a cargo-tracking and analytics company, which he also co-founded.

From JP Morgan to VAKT

The new CEO’s most notable experience came with investment banking giant JP Morgan.

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Amic joined the firm in 2007 as a Managing Director in its commodities trading division after his previous company, Bear Stearns, was acquired by the investment banking firm.

Launched just three months ago, VAKT has already received investment from commodities companies such as Shell, BP and Equinor.

The company says that it wants to eliminate lengthy reconciliation and paper-based processes. Most notably, the firm says that it can speed up trade financing procedures which, at the moment, often take over a week to complete.

It claims that it can do that by establishing a “single source of truth” on the blockchain for buyers and sellers in commodities transactions.