South Korea trade giant POSCO brings trade receivables to Avalanche in latest tokenization move
POSCO Worldwide, South Korea’s largest buying and selling firm, is pushing deeper into tokenized commerce finance, finishing a transaction that turned real-world receivables into digital property on an Avalanche-based ($AVAX) blockchain community only one month after an analogous pilot on Injective.
The agency’s U.S. arm labored with commerce finance platform Olea and asset-backed finance know-how agency Intain on the transaction, the businesses mentioned Tuesday. Intain used synthetic intelligence to reconcile invoices, buy orders, credit score notes and transport paperwork earlier than verifying and recording the receivables on its Layer-1 community constructed on Avalanche ($AVAX).
Commerce receivables are cash owed to an organization after it delivers items however earlier than the client pays. Firms can borrow in opposition to these invoices, however financing typically entails reconciling information held individually by consumers, sellers and banks.
Placing the receivable on a shared blockchain ledger creates a standard file of possession and the asset’s standing, doubtlessly chopping that paperwork and giving firms faster entry to financing.
The transfer adopted POSCO Worldwide’s pilot with LG CNS introduced final month to challenge, switch and settle tokenized receivables on Injective. That venture additionally used receivables generated from reside commerce between POSCO’s abroad subsidiaries and their counterparties.
