POSCO International, South Korea's largest trading company, is pushing deeper into tokenized trade finance, completing a transaction that turned real-world receivables into digital assets on an Avalanche-based (AVAX) blockchain network just one month after a similar pilot on Injective.
The firm's U.S. arm worked with trade finance platform Olea and asset-backed finance technology firm Intain on the transaction, the companies said Tuesday. Intain used artificial intelligence to reconcile invoices, purchase orders, credit notes and shipping documents before verifying and recording the receivables on its Layer-1 network built on Avalanche (AVAX).
Trade receivables are money owed to a company after it delivers goods but before the customer pays. Companies can borrow against those invoices, but financing often involves reconciling records held separately by buyers, sellers and banks.
Putting the receivable on a shared blockchain ledger creates a common record of ownership and the asset's status, potentially cutting that paperwork and giving companies quicker access to financing.
The move followed POSCO International's pilot with LG CNS announced last month to issue, transfer and settle tokenized receivables on Injective. That project also used receivables generated from live trade between POSCO's overseas subsidiaries and their counterparties.
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