BASF Taps Multiverse Computing for Quantum-Based FX Hedging

German chemical giant BASF has selected Multiverse Computing as a partner for the development of quantum software for the multinational’s FX hedging operations.

The project will focus only on trading between euros and US dollars in the initial phase and is approaching the end of a nine-month run which commenced in January 2022. The key findings and a final technical paper will be delivered towards the end of the project, the company’s say.

“BASF is a company which has been working to adopt quantum-based solutions for some time. In many ways they are a pioneer in this space, on top of being a world-class business,” says Enrique Lizaso Olmos, CEO of Multiverse Computing. “This makes today’s news even more gratifying because we have been selected by a corporation which has an in-depth knowledge of the quantum computing industry. We view this as a validation of our work up to this point.”

Dr. Abhishek Awasthi, member of the next generation computing team at BASF, is working with Multiverse, and says, “Quantum computing is a promising field which has developed rapidly over recent years. Multiverse has a strong focus and expertise in quantum computing in the financial industry, and BASF wanted to start a joint project in order to explore what we can do together. In our conversations with Multiverse, we believe they can offer a significant advantage in terms of optimisation of forex transactions.”