Block Commodities and FinComEco launch blockchain token for African farmers

Block Commodities and Financial & Commodities Ecosystem (FinComEco), a subsidiary of GMEX Group, announced a strategic partnership with blockchain toolkit business OST on Monday.

The companies said the collaboration would facilitate the launch of a token-based ecosystem, which would 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 and FinComEco said they were “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 could be redeemed.

The OST utility token enabled any website, app, or marketplace to easily launch a branded token and integrate it into their business, the firms explained.

“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,” said Block Commodities executive chairman Chris Cleverly.

“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, added that the utility OST tokens enabled consumer transactions to become part of the FinComEco and Block Commodities supply-to-demand value chain, which helped facilitate a “sustainable and increasing” improvement in the sophistication and living standards of smallholder farmers and their families across Sub-Saharan Africa.

“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, said his produce enabled 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.”