Singaporean fintech firm Xalts acquires digital trading platform Contour Network

Singaporean fintech startup Xalts has announced the acquisition of Contour Network, a digital trading platform built by eight major banks including HSBC, Standard Chartered and BNP Paribas. Terms of the deal were not disclosed, but the purchase price is in the millions of dollars and is made up of cash and stock. Backed by Accel and Citi Ventures, Xalts enables financial institutions to build and manage blockchain-based applications. Contour was launched in 2017 by a consortium of eight banks to digitize trade and is currently used by 22 banks and more than 100 global corporates, including Tata Group, Rio Tinto Group. (TechCrunch)