Subscribe to Our Newsletter
Thursday June 30, 2022
Bitcoin (BTC) $19,534.56   Ether (ETH) $1,066.88
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Easily Swap USDT (TRC20) & More
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
CryptoNinjas
Home Vendor Technology

Blockchain trade platform Comdex settles wheat transaction worth close to $100K

Published by CryptoNinjas.net
04/25/2019
Blockchain trade platform Comdex settles wheat transaction worth close to $100K

Comdex, a blockchain based platform for discovery, settlement and financing of cross border trades, today has announced the successful execution of the first ever settlement on the Comdex platform in January 2019. It featured a wheat transaction worth close to $100,000 from Australia to Malaysia using the bespoke developed Comdex settlement and escrow system. Comdex is confident that this is the first ever on-chain fiat settlement in history.

Both of the organizations involved in this trade had their corporate bank accounts in Singapore while the commodity shipment was cross-border. The Comdex platform not only offered the workflow for trade negotiations as well as contractual agreements, but also offered a physical escrow where Comdex collected both the buyer’s payment in its bank account as well as the original documents of trade at its physical Singaporean management office.

The next batch of trade settlements in the Comdex Pilot will involve the settlement between traders in Singapore and Hong Kong – and therefore cross-border – which would allow Comdex to showcase its blockchain-developed industry-leading settlement system (in partnership with one of the largest global money remitters) internationally.

[perfectpullquote align=”full” bordertop=”false” cite=”Uday Joshi, CEO of Comdex” link=”” color=”” class=”” size=””]“Our vision is to revolutionize the rudimentary process of global commodity trade. From the outset, Comdex has been designed to handle extremely high volumes of transactions without compromising on the key facets of speed, security, and scalability. As the transactions in the initial Comdex pilot have increased, the back-end has showed no traces of glitches and it is a testament to the quality of the product we have built. The partners for the pilot program have multifaceted roles other than conducting physical commodity settlements – they provide valuable feedback, suggestions, and guidance on the settlement processes as they go through our platform.”[/perfectpullquote]

96
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

No Content Available
Load More

Discussion about this post

Where to Exchange

Crypto services suite in Spanish Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
America's first regulated bitcoin exchange Visit
  • Trending
  • Latest
Crypto-gold exchange Vaultoro lowers fees, increases withdrawal limits

Crypto-gold exchange Vaultoro lowers fees, increases withdrawal limits

06/23/2022
CoinLoan integrates crypto analytics platform Elliptic to guard users from threats

CoinLoan integrates crypto analytics platform Elliptic to guard users from threats

06/23/2022
SithSwap raises $2.65M to build next-gen AMM on StarkNet

SithSwap raises $2.65M to build next-gen AMM on StarkNet

06/23/2022
Fintech services platform Colendi acquires enterprise blockchain company SETL

Fintech services platform Colendi acquires enterprise blockchain company SETL

06/27/2022
Cardano asset trading platform Tent integrates COTI stablecoin DJed

Cardano asset trading platform Tent integrates COTI stablecoin DJed

06/29/2022
Router Protocol launches its modular cross-chain bridge: Voyager

Router Protocol launches its modular cross-chain bridge: Voyager

06/29/2022
Crypto trading platform Coinigy releases major new upgrade

Crypto trading platform Coinigy releases major new upgrade

06/28/2022
Crypto market data provider Kaiko raises $53M in Series B

Crypto market data provider Kaiko raises $53M in Series B

06/28/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy