Commodity trading gets sweeter with blockchain-based sugar exchange

[Dociko]

The UAE project will allow clients to trade tokenized sugar 24/7 without brokers, and fits into the Emirate Blockchain Strategy 2021's goals. 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.
Details: https://cointelegraph.com/news/commodity-trading-gets-sweeter-with-blockchain-based-sugar-exchange