Envoy’s solution is built on R3’s enterprise blockchain platform, Corda, and has been working with R3’s technical team on the product. Now Envoy Group will also have full access to the benefits of R3 Venture’s development program that provides extensive technical support, mentorship, accelerator and customer opportunities.

The pilot phase is expected to be launched at the end of this year. Envoy will engage R3 to gain access to R3’s network of potential customers, investors and financial institutions.

Envoy’s mission is to use blockchain technologies to bring significant efficiencies to global supply chain and trade finance. Envoy’s trade finance platform will accelerate the $17 trillion annual global trade flows into the digital age by eradicating archaic practices and injecting vital and once-unobtainable liquidity into the system by means of decentralised finance (DeFi).

R3’s Venture Development program has helped many successful businesses that are building applications on Corda, known as CorDapps, to market. The program supports early stage companies building on Corda with business development content, technical support, design workshops and community events. More than 150 high quality mentors, Venture Capital firms and Service providers contribute to the program globally.

The news follows Envoy’s appointment of Arzu Toren, Thomas Reeves and Jimmy Chang to its advisory team. Each of them brings extensive experience from the commercial banking world or a Fortune 100 company.

Envoy will also be launching its NVOY Token on Liquid exchange imminently, which will facilitate the movement of funds on the platform and enable cross-border payments. The NVOY token is built on Stellar, the same blockchain used by the likes of IBM’s World Wire for its speed and security.

Lee Tarone, CEO of Envoy Group, has commented: “At such a crucial stage in our development, we are glad to be working with R3 to ensure success. Our solution has been built from the ground up to revolutionise global trade and trade finance and we are eager to help the countless SMEs which are currently struggling to finance their trades due banks’ current aversion to risk.

“Envoy will not only expediate processes by digitising and automating them, but we will also enable investors who were previously shut-out of the system to act as financiers, unlocking an entirely new stream of alternative finance for businesses.

”Now, more than ever, the industry needs a solution to get trade moving again. Envoy enables multiple parties to fund or partially fund a trade through DeFi, and mitigates against trade finance fraud. This makes us perfectly suited for the task.”

Ivar Wiersma, Head of Ecosystem & Venture Development at R3, commented: “Our blockchain ecosystem is the largest in the world with more than 350 institutions deploying and building on Corda and Corda Enterprise. The R3 Venture Development program ensures start-ups derive the greatest value from our network to shorten their time-to-market and accelearate go-to-market strategy.

“We are very excited to be working with Envoy, as its solution and business model is very much needed in today’s world - where Covid-19 has left global trade at a standstill.”