Mettalex Launches A Decentralized Exchange For Commodities Trading
Mettalex Launches A Decentralized Exchange For Commodities Trading
March 1, 2021
Mettalex Launches A Decentralized Exchange For Commodities Trading
Mettalex Launches A Decentralized Exchange For Commodities Trading
March 1, 2021

Mettalex, a spinoff project of Fetch.ai, has launched a decentralized exchange for commodities trading, offering another compelling use-case in how blockchain technology is disrupting traditional finance.

It has been reported that the new exchange aims to disrupt the commodities market through blockchain applications and other emerging technologies, such as machine learning and the Internet of Things.

However, Mettalex has been designed to improve upon existing automated market makers and blockchain oracles. The company has said its automated market markers act as a party to all trades and ensure that the platform is fully collateralized.

The report said that initially, the exchange will provide access to several commodities, including lithium carbonate, steel recyclables, zinc, iron ore, natural gas, and BTC/gold spreads.

Also, Mettalex announced Javelin Global Commodities, a trading firm of thermal coal and other commodities, as its first customer.

ALSO READ :  Pirated Textbooks Targeted by Cryptomining Malware

The company said:

“The prices of long/short positions on Mettalex during that time could still vary depending on user sentiment, but only the oracle-reported price can settle a market.”

Likewise, Mettalex also clarified that its markets are based on oracle-reported data from spot and futures markets and that it doesn’t offer physically settled commodities. When asked about the regulatory implications of its platform, particularly in the United States, Mettalex said it acts on the legal advice of its attorneys.

The firm added:

“Initially, we don’t expect to allow U.S. participants.”

Humayun Sheikh, the CEO of Fetch.ai, believes incorporating commodities into decentralized exchanges will enhance the transparency of pricing data.

Thus, he said:

“By making this type of market intelligence and the ability to trade more readily accessible, Mettalex aims to bring one of the oldest forms of trade in human history into the present century.”

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Report: Ethereum Can Go To $10,000 In 2021

Report: Ethereum Can Go To $10,000 In 2021

A report by professional trader Scott Melker said that Ethereum can go to $10,000 in 2021 and can overshadow Bitcoin. It has been reported that Melker sees this period of Bitcoin’s price consolidation as particularly...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.