Dubai Commodities launches an electronic platform for trading sugar – economic...

Dubai Commodities launches an electronic platform for trading sugar – economic...
Dubai Commodities launches an electronic platform for trading sugar – economic...
(MENAFN – Al-Bayan) Date: October 01, 2020 Multi Commodities Center, the world’s leading free zone and the authority of the Dubai government in the field of commodity trade and enterprise, announced yesterday the launch of the electronic platform for sugar trade (DigitalSugar.io) in partnership with Gulf Sugar, the largest independent sugar refinery in the world, and Universa Blockchain Corporation.

Developed using Universa’s pioneering blockchain technology, the DigitalSugar platform 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. DigitalSugar will provide greater access to one of the world’s most popular soft commodities through an integrated online platform supported by DMCC’s TradeFlow platform.

Transparency and smoothness

Sanjeev Dutta, Executive Director, Commodities and Financial Services, DMCC, said: “All of our efforts at the center are focused on promoting international trade through Dubai and the partnerships we make like this embody this commitment. DigitalSugar was launched to facilitate the trading of raw sugar according to 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?

Universa Blockchain and Al Khaleej Sugar will use the platform’s services to mark up 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.

Strong wound

Jamal Al Ghurair, Managing Director and Chairman of Al Khaleej Sugar, said: “The sugar trade has adopted traditional methods until recently, but the DigitalSugar platform is well equipped to change this traditional pattern. Through Universa’s blockchain technology and DMCC’s vast experience in commodity trading, the platform will undoubtedly give a strong momentum to the sugar trade in Dubai.

Alexander Borodovic, Founder and CEO of Universa, said: “The success in developing the main thrust of the new commodity trading platform is the perfect example of how blockchain technology has achieved one of the greatest achievements of the trade sector in recent history. We are proud to work with the DMCC, which has proven to be a major supporter and incubator of blockchain technology.

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