Dow Jones received a payment from EQS/DGAP to publish this press release.
Block Commodities Ltd (BLOC)
Block Commodities Ltd: Block Commodities and FinComEco Joint Collaboration
Agreement
21-May-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
The information communicated within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this announcement,
this inside information is now considered to be in the public domain.
21 May 2018
BLOCK COMMODITIES LIMITED
("Block Commodities" or the "Company")
Block Commodities Limited / Epic: BLCC / Sector: Mining
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."
For further information, please contact:
Block Commodities Limited
Chris Cleverly +44 (0) 20 7408 9200
NEX Exchange Corporate
Adviser:
Alexander David
Securities Limited
David Scott - Corporate +44 (0) 20 7448 9820
Finance
James Dewhurst - +44 (0) 20 7448 9820
Corporate Broking
Public and Investor
Relations:
Cassiopeia Services - stefania@cassiopeia-ltd.com
Stefania Barbaglio
FinComEco Limited and
GMEX Group Limited
melanie.budden@therealizationgroup.com
The Realization Group-
Melanie Budden
OST
wouter@ost.com
Wouter Verhoog
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.
For more information visit www.FinComEco.com [1]
FinComEco is a subsidiary of GMEX Group, an innovative provider of exchange
and post-trade business services and technology.
For more information visit www.gmex-group.com [2]
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.
ISIN: GG00B4QYTJ50
Category Code: AGR
TIDM: BLOC
Sequence No.: 5564
EQS News ID: 687627
End of Announcement EQS News Service
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=908bb0535f1e7c170952b9b3ef49423b&application_id=687627&site_id=vwd_london&application_name=news
2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8ae7a8f74135accedb8e6d63d55c1dcf&application_id=687627&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
May 21, 2018 02:01 ET (06:01 GMT)
