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