Crowdz, one of the first companies in the world to build a B2B e-commerce transaction network based on blockchain and artificial intelligence, and – through that network – providing ‘supply chain as a service,’ has signed a contract with China Venture Capital HRVC agreeing to invest in Crowdz China – a joint venture between Crowdz and a domestic Chinese technology company.
The B2B e-commerce portal established by Crowdz would have eased the information asymmetry, low-value transmission efficiency, and supply-chain conflicts among enterprises, and their plans have been or are being implemented in many industries.
On February 28, 2018, Techstars, one of the world’s top startup accelerators and venture capital companies, announced that it has selected Crowdz to enter their London-based accelerator, where Crowdz will work with Barclays Bank, headquartered in London, UK, to develop a blockchain-based supply-chain financing Fintech product.
At the meeting between Crowdz and China Venture Capital HRVC (Jiangsu Huarui Investment Management Co.), the two parties conducted further consultations on the specific content of their strategic cooperation and reached consensus on the cooperation method, business philosophy, and business-development level.
The two parties further reviewed the application of blockchain technology in the area of supply-chain finance. Among the matters discussed, Mr. Wang Mangen, Chairman of Jiangsu Huarui, analyzed the main business methods of the existing commercial-paper business in the Chinese market, and pointed out that it differed significantly from the comparable Western financial markets. Crowdz CEO Payson Johnston expressed his agreement with Mr. Wang, and described how the Crowdz solution addressed the challenges of invoice financing, liquidity, and market value for small and midsize enterprises (SMEs).
Crowdz’s executive team has many years of combined experience in B2B procurement strategy planning, global supply-chain management, blockchain technology, e-tailing, and ecommerce. In 2018, Crowdz first brought its supply chain management experience and blockchain application to China, and has planned to work with numerous companies in this “fast-growing” country.