FinComEco Limited (FinComEco), and Block Commodities Limited (BLCC), a commodity trader operating in Africa, previously known as African Potash, have partnered with Wala, a blockchain-powered financial services platform, and Dala, a cryptocurrency token issuer.
The partnership will support the operation and further development of blockchain-enabled financial platforms for developing markets.
The agreement comes after the BLCC’s joint venture with FinComEco, a subsidiary of GMEX Group Limited, announced last November.
Block Commodities, FinComEco, Wala and Dala, will be working together to develop and operate a web-enabled platform using the blockchain ledger for its agricultural commodity trading initiative in sub-Saharan Africa.
Hirander Misra, chairman of GMEX Group and CEO of FinComEco, commented: “This partnership will drive financial inclusion across Sub-Saharan African countries. [...] Easier access to markets through the FinComEco commodity exchanges will ensure better price transparency enabled by Blockchain technology therefore increasing individual incomes and national GDP.”
Chris Cleverly, Block Commodities executive chairman, said: “This collaboration represents a potentially significant reset for finance and commodities market development in Africa, a problem that is being addressed by bold and innovative technologies and partnerships.”
Tricia Martinez, Wala founder and CEO and Dala director, added: “This is an industry changing partnership that will drive much needed economic growth and financial inclusion in African markets. Blockchain technology and cryptocurrency have the potential to start financial innovation in these markets and Dala is at the forefront.”
