The Dubai Multi Commodities Center, the authority of the Dubai government responsible for commodity and enterprise trade, announced the launch of the digital sugar trading platform, DigitalSugar.io, in partnership with Gulf Sugar, the largest independent sugar refinery in the world, and Universa Blockchain. “.
The new platform, which was developed using the pioneering blockchain technology from Universa, is the first global exchange to allow traders and investors to trade raw sugar on a spot contracts basis, rather than the options contracts or futures contracts more commonly offered by other exchanges.
The platform will provide greater access to one of the most popular soft commodities in the world through an integrated electronic platform supported by the DMCC Tradeflow platform, a digital platform dedicated to recording possession and ownership of goods stored in storage facilities in the UAE.
The “Digital Sugar” platform will allow trading around the clock without intermediaries or a minimum value of deals, allowing individual and institutional clients to conclude deals according to their evaluation in the place and time that suit them.
On this occasion, Sanjeev Dutta, Executive Director of Commodities and Financial Services at DMCC, said: “All our efforts at the center are focused on promoting international trade across the emirate of Dubai, and the partnerships we make like this embody this commitment.
“Digital Sugar” 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 judgments and what suits them.
“We are witnessing a pivotal period as we continue to use the most advanced blockchain technology to expand the trade in goods through Dubai,” he added.
Universa Blockchain and Gulf Sugar will use the platform’s services to encode contract units of up to an initial 100,000 tons of raw sugar. The electronic permissions for digital sugar contracts issued by the DMCC Tradeflow trading platform will be attached to the reserve sugar stocks at approved storage facilities across Dubai.
Jamal Al Ghurair, Managing Director and Chairman of the Board of Directors of Al Khaleej Sugar, said: “The sugar trade has adopted traditional methods until recently, but the (Digital Sugar) platform is well qualified to change this traditional pattern. And through the blockchain technology of Universa Company. ‘And the DMCC’s vast experience in commodity trading, the platform will undoubtedly give a strong momentum to the sugar trade in Dubai. ”
Alexander Borodovich, Founder and CEO of Universa, said: “The success in developing the main thrust of the new commodity trading platform embodies the perfect example of how blockchain technology has achieved one of the trade sector’s greatest achievements in recent history. We are proud to work with DMCC. Who has proven to be a major supporter and incubator of blockchain technology. ”
DMCC’s digital Tradeflow platform provides a centralized, secure and transparent registry for possession of goods stored in Dubai.
Transfer of ownership of stored goods or registration of collaterals can be done via electronic permissions supported by the solid legal framework that is compatible with the provisions of Islamic Sharia for the Tradeflow platform.
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