Commodity trading gets sweeter with blockchain-based sugar exchange
Cointelegraph
Published Oct 25, 2020 12:25PM ET
Updated Oct 25, 2020 02:00PM ET
The world's largest sugar refinery, Al Khaleej Sugar, officially announced the application of blockchain technology in its recently launched sugar trading platform, DigitalSugar.io.
Users of the UAE-based platform will trade the spot price of sugar via tokens tied to “up to 100,000 tonnes of raw sugar,” with its peg assured by the Universa blockchain who will be issuing electronic warrants of ownership with the tokens. Traders will be able to hold tokens representing between 1 kg to 1M tonnes, and will pay .4% in exchange fees as well as a 2.5% yearly storage fee.
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Written By: Cointelegraph
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