Fetch.ai’s DeFi Commodity Platform Records Historic First Trade

CAMBRIDGE, UK / ACCESSWIRE / October 15, 2019 / Fetch.ai is pleased to announce the completion of the first transaction on its ground-breaking decentralized metals exchange (DEX). The milestone event marks a shift in how metals and other commodities can be traded, thanks to Fetch.ai’s innovative AI-powered blockchain technology. View photos The trade, which was conducted between Turkish steel giant Baştuğ Metallurgy and one of its suppliers heralds a new era for the steel industry while showcasing a real world application of decentralized finance (DeFi). “The successful completion of the trade will be looked back on as a historic moment for metals trading,” said Fetch.ai CEO Humayun Sheikh. “This is only the beginning. Working with a consortium of steel mills, shipping companies, trading firms, trade banks and brokerage houses, we look forward to watching Fetch.AI’s decentralized trading platform grow to support a thriving metals trading market, with physical delivery of assets.” The project provides an example of the benefits of DeFi when applied to traditional markets, facilitating decentralized trading of commodities, and other assets. The decentralized exchange (DEX) will record and monitor the trading of metals, using a highly scalable Smart Ledger built by Fetch.ai, creating a globally accessible and transparent means of… continue reading

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