Allows round-the-clock trading with no brokers or minimum trades
Dubai launches online sugar trading platform based on "blockchain"
The "platform" was launched by the Dubai Multi Commodities Center in partnership with "Gulf Sugar" and "Universa".
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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 yesterday, 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. It is 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 transactions, allowing individual and institutional dealers to conclude deals, according to their evaluation at 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 circulation of raw sugar in accordance with the highest levels of transparency and smoothness, allowing individual traders and investment institutions to speculate on the fluctuations of sugar prices, 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 to achieve blockchain technology, one of the most important achievements of the trade sector in modern history.”
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