Tom Trowbridge, former president at Hedera Hashgraph and current president at Triterras, a blockchain-powered Fintech solution for the trade finance sector, recently shared his views and insights with Crowdfund Insider.
Triterras was established in 2012 in order to meet the rising demand for commodities that are sourced far from growing population centers by enabling financing for small and medium-sized enterprises (SMEs).
Triterras has been reportedly been profitable from the time that it was launched, and during FY2019, it generated more than $90 million in EBITDA (earnings before interest, taxes, depreciation, and amortization).
Crowdfund Insider: Why did you decide to join Triterras after you left Hedera Hashgraph? What learnings did you take with you from that company, and how have you applied them in your role at Triterras?
Tom Trowbridge: “At Hedera, we were building a next-generation, institutional quality distributed ledger. Particularly in the blockchain space, when you are in the business of building next-generation technology, the recurring question people ask is: it’s a great technology, but what do you use it for?
That focus on use cases led me to discover trade finance. I realized it’s an enormous sector – $40 trillion – and without any platform of scale. The industry is largely still stuck in the age of paper. Trade finance is the largest, most inefficiently run, legacy industry out there – and that makes it the most exciting place to see how blockchain can help.
When I came across Triterras, it was exciting. Here was a company addressing precisely the needs of this complicated industry, leveraging blockchain. And even more compelling, it was the only company doing it at scale.
One thing I brought to Triterras from my time at Hedera was a focus on security. At Hedera, we were building a base layer, so we always knew we had to be very resilient to attacks. We had to test our network and technology very early, because we wanted to…