Covantis, a blockchain agribusiness initiative backed by major industry company ConsenSys, has taken another step towards transforming global trade and supply chain operations. Backed by global agribusiness giants like Cargill and Bunge, Covantis has been officially established as a legal entity in Geneva after receiving all necessary regulatory approval.
According to a March 31 announcement, the company is the joint initiative of six founding members:
- Archer Daniels Midland (ADM)
- Louis Dreyfus Company
- Glencore Agriculture
While Covantis’s legal entity has been established, the blockchain platform is still under development. Covantis tells that it expects to start testing the platform as soon as May 2020.
A spokesperson at the company noted:
“The platform is currently in development. We will start users testing in May and will be planning to launch the 1st release in the second part of 2020 but obviously we need to take in consideration the possible impact of Covid-19.”
Alongside the legal launch, Covantis also announced its governance structure and executive appointments.
Petya Sechanova, a Cargill and DHL veteran, has been appointed to serve as the company’s CEO, while Stefano Rettore will continue in his role as an independent advisor to the board until his successor will be announced in June 2020.
As announced, Sechanova brings more than 20 years of experience in major global supply chain and agricultural companies, including 11 years with agribusiness giant Cargill where she served as trade operations leader.
Petya also worked more than four years at DHL, a major global logistics company.