The Dubai Multi Commodities Center announced the launch of the electronic platform for sugar trade (DigitalSugar.io) in partnership with Gulf Sugar Company, the largest independent sugar refinery in the world, and Universa Blockchain Company.
The center stated in a statement today that the platform, which was developed using Blockchain technology from Universa, is the first global exchange that allows traders and investors to trade raw sugar on the basis of spot contracts, instead of options contracts or the most common futures contracts provided by other exchanges. .
The “DigitalSugar” platform will provide greater access to one of the most popular soft commodities in the world through an integrated electronic platform supported by the Dubai Multi Commodities Center’s TradeFlow platform, which is a digital platform dedicated to recording possession and ownership of goods stored in storage facilities in the UAE.
The new platform will allow trading around the clock without intermediaries or a minimum value of deals, allowing individual and institutional dealers to conclude deals according to their evaluation in the place and time appropriate for them.
Sanjeev Dutta, Executive Director of Goods and Financial Services at the Dubai Multi Commodities Center, said, “The center’s efforts are focused on promoting international trade across the emirate of Dubai, as the partnerships concluded by the center embody this commitment.”
He added that “DigitalSugar was launched to facilitate the trading of raw sugar in accordance with the highest levels of transparency and smoothness, allowing individual and institutional traders to speculate on sugar price fluctuations according to their own provisions and what suits them.”
Dutta indicated that «Universa Blockchain» and «Gulf Sugar» will use the platform’s services to encode contract units that initially reach 100,000 tons of raw sugar, indicating that the electronic permissions for digital sugar contracts issued by the TradeFlow trading platform will be fixed with stocks Reserve sugar in approved storage facilities across Dubai.
For his part, Managing Director and Chairman of Gulf Sugar Company, Jamal Al Ghurair, said, “The sugar trade has adopted traditional methods until recently, but the (DigitalSugar) platform is well qualified to change this traditional pattern, and through blockchain technology, the platform will give a strong impetus. Sugar trade in Dubai ».
In turn, the founder and CEO of Universa, Alexander Borodovich, said, “The success in developing the main axis of the new commodity trading platform embodies the ideal model for how blockchain technology achieves one of the most important achievements of the trade sector in modern history.
Follow our latest local and sports news, and the latest political and economic developments via Google news
Print
Facebook
Twitter
LinkedIn
Pin Interest
Whats App
These were the details of the news Dubai launches an electronic platform for sugar trading based on “blockchain”... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
