Xalts acquires digital trade platform Contour Network

Launched just 18 months ago, Xalts has acquired Contour Network—a digital trade initiative started by banks like HSBC and Standard Chartered.

• The Deal: Though financial specifics remain confidential, the acquisition involved a combo of cash and stock, totaling well into the millions.

• Innovative Solutions: At its core, Xalts, with Accel and Citi Ventures in its corner, empowers financial entities to create and deploy blockchain applications with ease and efficiency.

• Impressive Pedigree: Leaders Ashutosh Goel and Supreet Kaur, who brought their experience from HSBC and Meta, identified a gap—they saw that managing financial products was disjointed at best, with various teams juggling responsibilities.

• Cost-Effective Efficiency: Xalts challenges the status quo, overtaking the costly and time-intensive traditional IT or third-party routes, with a focus on swift app development and deployment.

• Ambitious Integration: Post-acquisition, Xalts plans to enhance Contour by morphing it into a conduit for seamless interconnectivity among banks, corporates, and other entities, dovetailing with the Xalts platform.

With global trade poised to soar to $30T by 2030, Xalts aims to streamline the cumbersome transaction process that currently plagues the sector, plagued by manual exchanges and scattered information.