SPZI: Bloxcross and JP3E Announce the Global Trade Financing NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- JP 3E Holdings, Inc. (OTC: SPZI), formerly Spooz, Inc., recently acquired a majority stake in Bloxcross, Inc. In the wake of this significant acquisition, they announce the launch of a new Global Trade Financing Platform, positioning Bloxcross as a key element of the JP3E portfolio.
We expect that the Global Trade Financing Platform will make a substantial contribution to the revenue of both JP 3E Holdings and Bloxcross by executing existing commodity contracts.
Bloxcross operates in multiple countries with 30 employees across offices in Singapore, Korea, Brazil, and the United States, streamlining global transactions effortlessly. In 2023, the company successfully completed $135 million in global transactions, thanks to its development and refinement of proprietary AI-powered technology that facilitates these payments with unprecedented speed.
As globalization continues to expand, so does the demand for robust trade finance solutions, reinforcing the value of this market. Trade finance mechanisms like letters of credit, insurance, and guarantees play a crucial role in reducing payment and supply risks while providing liquidity to optimize working capital and maintain smooth global supply chains. With the integration of blockchain and AI technologies transforming this sector, efficiencies are increasing and costs are reducing. This ongoing innovation Bloxcross brings to trade finance not only enhances the security and speed of international trade, fostering economic growth globally. In 2022, the global trade finance market was valued at $9.3 trillion and is projected to rise to $12.5 trillion by 2032, underscoring its growing importance and potential.
Diego Baez, CEO of Bloxcross, Inc. and the incoming CEO of JP 3E Holdings, Inc. commented, “The launch of our global trade financing platform underscores the significant opportunities between Bloxcross and JP3E. We are excited to leverage these synergies to drive innovation and deliver exceptional value to our clients and stakeholders.”
Diego Baez, CEO of Bloxcross, Inc., will join the JP3E Board of Directors (BOD) and assume the role of CEO of JP3E, with John K. Park remaining as Chairman. Mr. Baez brings a wealth of experience from his time at top technology and financial firms, serving in executive positions at Cloudera-Hortonworks, Goldman Sachs, JPMorgan, Citigroup, Lehman Brothers, and Knight Capital. His significant contributions in algorithmic trading, electronic trading, and market data systems have been widely recognized.
John K. Park, Chairman and CEO of JP 3E Holdings, commented, "We are thrilled to launch this groundbreaking global trade financing platform. It will revolutionize the way global trade is conducted, enhancing efficiency and connectivity across international markets.”
https://www.globenewswire.com/en/news-release/2024/08/01/2922776/0/en/SPZI-Bloxcross-and-JP3E-Announce-the-Global-Trade-Financing-Platform-Is-Live.html