A new token-based ecosystem will enable sub-Saharan farmers to deploy the profits from the sale of their surplus crops in the wider economy.
Block Commodities and GMEX Group subsidiary Financial & Commodities Ecosystema have announced a strategic partnership with OST, the blockchain toolkit for business. The system will reward farmers in the FACES (Feed Africa Commodities Eco-System) with tokens powered by OST technology and the OST token.
Block Commodities and FinComEco are endeavouring to build an ecosystem of e-commerce 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 says: “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.”
Hirander Misra, chairman of GMEX Group and CEO of FinComEco, comments: “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.
“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 adds: “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.”