Exberry matching engine to power ProMEX’s digital marketplace for commodities

Karthik Subramanian

Exberry, a fintech that focuses on matching engine technology for exchanges, is providing the ‘marketplace as a service’ solution to ProMEX for it to be able to power its digital marketplace for physical commodities.

Seed CX launches hemp as all new exchange-traded commodity

This new partnership is expected to speed up the process of creation and operation of new instruments and marketplaces for ProMEX by providing a secure, reliable, and strong solution to be able to handle all these functionalities. ProMEX exchange offers a direct, real-time marketplace for users to perform matching trades on physical commodities. This marketplace does not rely on any intermediaries or clearing house or liquidity provider and hence this risk is eliminated in the process. This shortened cycle also reduces risk to a great extent and this has been made possible using the matching engine technology of Exberry.

Mark Ho, Co-Founder & CEO of ProMEX, said: “Exberry has allowed us to go from idea to working platform in a matter of weeks. The marketplace as a service concept is so well executed that we had a conversation in the morning, and a developer was working on the system that afternoon.”

The first commodity marketplace on ProMEX is available for the commodity Moutai which is the national wine of China. Users would be able to buy, sell, hold or take delivery of this commodity without needing to arrange for delivery or storage of the commodity. Likewise, the exchange is planning to introduce many more such commodities into the marketplace using the superior technology offered by Exberry. Traditional commodity marketplaces were very slow and cumbersome and also fraught with risk for those dealers and small commodity firms that did not understand the ways of operations of market makers.

Magnus Almqvist, Head of Exchange Development, said: “Collaboration and innovation are fundamental to Exberry, and our native SaaS solution helps bring innovation to the market. We are very excited to work with a visionary firm like ProMEX to create a new peer-to-peer marketplace with enhanced price discovery solutions. As ProMEX continues to add new commodities for trading to the platform, Exberry can help them deliver new customer experiences and easily scale as they grow.”

ProMEX would hope that the similicty and reliability of its commodity marketplaces and coupled with the speed with which it can roll them out using the solution of Exberry would make the marketplace transparent and reliable to help onboard more users and encourage them to use the marketplace for their physical commodity trading.

 

Read this next

Digital Assets

Coinbase diversifies as it wants to emulate AWS for blockchain

Coinbase, one of the largest crypto exchanges that are on an acquisition spree to diversify its products, has signaled its intent to become the AWS of the blockchain and crypto industry as it seeks to reduce its reliance on trading and transaction volumes to form the bulk of its business.

Institutional FX

CME Group reports solid FX volumes, micro BTC futures average 27K contracts

CME Group (NASDAQ: CME), the holding company for CBOT, NYMEX, and COMEX exchanges, has just released its trading monthly review for November 2021, which showed a mixed performance across the group’s six product lines, according to a CME statement.

Institutional FX

PrimeXM’s volume hits new all-time high at $1.23 trillion

Average daily trading volumes across PrimeXM data center locations surged by over a third to a new record last month amid broad growth across different asset classes, the Swiss-founded technology company said today.

Institutional FX

Hedge-fund legend Steven Cohen invests in Dmitri Galinov’s 24 Exchange

24 Exchange, the OTC platform backed by Fastmatch founder Dmitri Galinov, has completed a fresh fundraising round of $14.25 million at an undisclosed valuation. The recent capital injection was led by Point72 Ventures, the venture capital firm of the hedge fund titan Steven Cohen.

Retail FX

5 Tips to Diversify Your Portfolio

Diversification is a popular investment strategy that has been used for decades by many investors of the calibre of Warren Buffet. Traders and investors take advantage of diversification because it reduces the risk of a portfolio and maximizes its returns.

Uncategorized

FX volume at Integral hits a fresh yearly high at $50.6 billion a day

Currency trading on Integral’s platforms rose in November from a year earlier as increased volatility across financial markets led to greater activity on institutional FX venues.

Industry News

Wise planning aggressive North American expansion in 2022

Wise, one of the largest payment technology companies that are looking for different and easier ways to move money around the world, has announced that it would be looking to rapidly ramp up its team and its services in the North American region in 2022.

Digital Assets

Coinbase buys Israeli firm Unbound Security

Coinbase, one of the largest crypto exchanges in the US, has announced that it has bought the company named Unbound Security, an Israel-based firm dealing with the security of crypto transactions, for an undisclosed sum.

Digital Assets

Square changes name to Block, signalling Jack’s interest in blockchain

Square, one of the largest payment companies in the world that are deep into crypto as well, has announced that it would be changing its name to Block, perhaps signaling its increasing intent to delve deeper into the blockchain.

<