Block Commodities and FinComEco Joint Collaboration Agreement with OST to unlock consumer goods, education and healthcare for African farmers utilising the Blockchain

Block Commodities Limited and Financial & Commodities Ecosystem (FinComEco), a subsidiary of GMEX Group Ltd, are pleased to announce a strategic partnership with OST, the complete blockchain toolkit for business.

The collaboration facilitates the launch of a token-based ecosystem which will enable sub-Saharan farmers to deploy the profits from the sale of their surplus crops in the wider economy by being rewarded in FACES (Feed Africa Commodities Eco-System) tokens powered by OST technology and the OST token. Block Commodities Limited and FinComEco are endeavouring to build an ecosystem of ecommerce partners featuring local vendors and service providers as well as medical and educational institutions, where the FACES tokens can be redeemed. The OST utility token enables any website, app, or marketplace to easily launch a branded token and integrate it into their business.

Block Commodities’ Executive Chairman Chris Cleverly said: “The sub-Saharan region tends to have fewer fungible currencies but higher interest rates, which outside agencies base on perceptions of Africa rather than its realities. This, with the region’s need for secure relationships to thrive, as well as its recent history of rapid technology take-up, means that Africa is likely to see the fastest blockchain growth.”

Chairman of GMEX Group and CEO of FinComEco, Hirander Misra commented: “The utility OST tokens enable consumer transactions to become part of the FinComEco and Block Commodities supply to demand value chain, which helps facilitate a sustainable and increasing improvement in the sophistication and living standards of smallholder farmers and their families across Sub-Saharan Africa”. He added, “This enables the ‘unbanked’ not only to gain access to these services but also facilitates increasing consumer demand as incomes rise across a whole range of goods and services. This, in turn, leads to financial inclusivity and has a positive social impact.”

OST Founder and CEO, Jason Goldberg, commented: “OST enables any company or project to deploy branded cryptocurrency tokens backed by the market value of OST, on scalable utility block chains. We are thrilled to partner with GMEX Group, Block Commodities, and FincomEco to blockchain enable the African agricultural market.”

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About Block Commodities

Block Commodities’ strategy is to maximise the value of African agricultural and other commodities through the deployment of blockchain technology. The resources will be linked through the vertical integration of primary industries down to consumers via blockchain platforms. Using blockchain’s ability to dynamically incorporate all market participants into an efficient ecosystem, Block Commodities aims to facilitate the commercial operation of such ecosystems in the context of the agricultural production cycle.

In reclaiming the value lost in African agricultural and extractive industries through inefficient supply and distribution systems, Block Commodities aims to help sub-Saharan African farmers raise productivity and secure better returns for their produce. This is an important step in establishing African communities as significant future global agricultural producers.

About FincomEco

FinComEco, a fully integrated Financial & Commodities Ecosystem, is a corporate venture to provide an ecosystem of services, financing, capacity building and enablement solutions underpinned by technology, to drive an improvement in food security and economic diversity through socially responsible commercial means (as opposed to charity), to foster financial inclusion.

FinComEco is the joint venture partner of Block Commodities for developing and operating a range of platforms/projects and initiatives in the agricultural commodity markets sector in sub-Saharan Africa.

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FinComEco is a subsidiary of GMEX Group, an innovative provider of exchange and post-trade business services and technology.
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About OST

OST is building “the complete blockchain toolkit for business”. The Berlin start-up strives to be the blockchain technology partner of choice for businesses of all sizes and levels of technical sophistication, enabling any business to create, launch, and manage their own branded digital token economy powered by OpenST protocols and OST blockchain management software. The OpenST protocol enables companies to launch branded token economies on highly scalable, open, cryptographically auditable side blockchains.