Vakt, a blockchain platform for commodity post-trade management, has named Etienne Amic as its CEO.
He replaces BP executive John Jimenez, who served as the platform’s interim CEO throughout 2018.
Launched in November 2018, VAKT’s original investors and first users of the platform include energy majors BP, Equinor and Shell; independent traders Gunvor, Koch Supply & Trading, and Mercuria; and banks ABN Amro, ING and Société Générale. These have since been joined by Chevron, Total and Reliance Industries. The first public launch to non-consortium licensees is expected for early 2019.
Amic was previously managing director at both Mercuria Energy Trading and JP Morgan Chase. He most recently served as co-founder and chairman of Vortexa, a cargo and analytics company focused on global crude oil and refined products markets, and as founding partner at CommodiTech Ventures.
Commenting on his appointment, Amic says: “For some years now I’ve steered my career according to the knowledge that technology will fundamentally change the physical commodities market. I was aware of VAKT from the start, but what impressed me was the success the company has had as a creation by a consortium of traders. To have such prestigious companies pulling in the same direction – many of them competitors – tells you this is something very powerful that the industry really needs.”