The co-founders of Centrifuge has launched the supply-chain financing company Taulia. The company has reportedly raised over $150 million while opera
The co-founders of Centrifuge has launched the supply-chain financing company Taulia. The company has reportedly raised over $150 million while operating with billions of dollars per day. So, it seems like the company managed to attract users that are actually big companies looking to improve their payment transactions.
However, how does the company work? Large industrial companies face some difficulties when they have a big customer representing 50 percent of their revenue. If this customer gives them a deadline, it means they need to start producing straight away before they have received the payment for the supplies.
Here is where Taulia offers to assist. Taulia finances the production at the cost of interests but enables the companies to buy supplies without waiting for the payment. On the other hand, Centrifuge is offering something more using blockchain technologies. The company plans to build an open-source protocol that uses the Ethereum blockchain as well as private sidechains to launch a marketplace of products and the company`s own apps, as Tech Crunch reported in a recent article.
According to the publication, the company received $3.8 million by Mosaic Ventures and BlueYard Capital who led the financing round.
So, what`s the plan? The company foresees a release of the first version of the protocol in about four months, as co-founder Maex Ament told Tech Crunch in an interview.
Later on, Centrifuge is reportedly said to release its first app based protocol. It would be a decentralized funding marketplace, where companies can automatically push out their unpaid invoices to Centrifuge, as Tech Crunch explains. It should be noted that this would be built using blockchain technology. The technology would allow users to check their transactions since it is an open protocol with smart contracts. It is interesting to see whether the service will attract attention, users, and investments.