Looking to trade something sweeter? Now, thanks to blockchain, you can trade sugar, 24/7, without brokers. 

UAE-based Al Khaleej Sugar, the world’s largest sugar refinery, has launched a blockchain-based sugar trading platform called DigitalSugar.io. 

The new platform enables users to trade the spot price of sugar via tokens pegged to up to 100K tonnes of raw sugar. Electronic warrants of ownership will be issued with the tokens by Universa blockchain, with each token representing between 1kg and 1M tonne of sugar. 

DigitalSugar.io has been launched in partnership with the Free Zone and Government of Dubai Authority on Commodities Trade (DMCC), and Universa Blockchain, and is the first exchange offering traders and investors immediate spot trades on raw sugar, as opposed to options or futures, which are offered for commodities. 

Introducing the platform, Executive Director, Commodities and Financial Services, DMCC, Sanjeev Dutta, said:

“Driving increased trade through Dubai is at the heart of all that we do at DMCC, and partnerships like this exemplify this commitment.

“DigitalSugar is set to democratise access to the trading of raw sugar, allowing retail and institutional traders to invest or speculate on the price changes of sugar on their own terms and at their own convenience. This is an exciting moment as we continue to utilise cutting-edge blockchain technology to broaden the range of commodities traded through Dubai.”

The sugar trading platform is in line with the UAE’s Blockchain Strategy 2021, which was launched in 2018, with the goal of migrating at least 50% of government transactions on to distributed ledger technology (DLT) before the end of 2020, and encouraging the adoption of blockchain in business. 

AYO.NEWS says:

Once again we see blockchain tech cut the middleman from commodity trading, making it more accessible to investors across the board, improving efficiency and transparency, and opening up yet another avenue in the digital economy. Sweet. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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