("Coinsilium" or the "Company")
Strategic Advisory partnership with Global Trade Exchange Platform LC LITE
For Upcoming Token Generation Event
LC LITE is designed to offer a simple and cost-effective digital letter of credit system to importers and exporters. By connecting buyers and suppliers directly within a single ecosystem, LC LITE aims to disintermediate financial institutions on LC issuance, amendment and confirmation, creating a faster and more efficient LC mechanism while bypassing the traditional subset of the SWIFT messaging system used specifically for LC.
Trade contracts, letter of credit contracts, underlying trade documents and related payments execution are all expected to be consumed within LC LITE's token and smart contracts. The LC LITE team carries unique and extensive industry experience in trade finance through their existing operations at Incomlend, a
LC LITE plans to use the
Under a single blockchain platform, the elimination of financial intermediaries is expected to reduce unnecessary data flows, process complexity, time consumption and overall costs for end-users.
One of the key features will be the ability to permit exporters and importers to approve documents directly between themselves, while those exchanges are operated through smart contracts and immutably recorded onto the blockchain.
Another key feature is allowing importers and exporters to respectively increase their payables and reduce their receivables for potentially no additional cost, thus optimising their payment terms through the use of LC Lite tokens as the underlying instrument for transactions. This presents a major benefit for companies as they seek to improve their working capital position.
"There is currently great friction in cross-border business transactions and LC LITE's solution can help to simplify the process, making international trade more accessible and viable for businesses around the world. This is a great example of smart contracts and blockchain technology at use to disintermediate and streamline a complex business process".
LC LITE Director,
"This is the start of a profoundly transformational journey that will have a significant impact on the way trade finance is done today".
The Directors of
For further information, please contact:
Eddy Travia, Chief Executive Officer +44 (0) 20 3889 4312
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
Notes to Editor
Coinsilium is a blockchain venture builder, advisor and investor that finances and manages the development of early-stage blockchain technology companies. It does this through its consortium of top-tier investors, industry thought leaders and executive managers. Coinsilium's focus is on driving innovation in fintech and blockchain technologies, enabling businesses to take advantage of growth opportunities. Coinsilium also provides advisory services to companies planning token generation events.
Coinsilium shares are traded on NEX Exchange Growth Market, the primary market for unlisted securities operated by NEX Exchange, a Recognised Investment Exchange under the
For further information about Coinsilium please visit www.coinsilium.com
About LC LITE
LC LITE aims to offer a simple, easy and cost-effective digital letter of credit to importers and exporters. Trade contracts, letter of credit contracts, underlying trade documents and related payments execution are all expected to be consumed within LC LITE's token and smart contracts.
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