Open Mineral raises $33 million in Series C Funding

Karthik Subramanian

Open Mineral, a startup that is looking to bring in increased transparency into worldwide commodity trading, has announced that it has raised $33 million in its Series C funding round.

Seed CX launches hemp as all new exchange-traded commodity

The round was led by Mubadala Investment Company and they were joined by other investors like Statkraft and LingFeng Capital. The company has said that these new funds would be used to improve its merchant activities in the market that is valued at over $200 billion but is still very far from being digitized. This is where the company hopes to bring in a change and make the platform fully digital and onboard several metal and mining companies from around the world. The company says that it has already onboarded over 900 such companies and the ease of using the digital platform, couple with customized pricing algorithms is expected to push more companies onto the platform in the future.

Boris Eykher, CEO and co-founder of Open Mineral, said: “The metal trading industry’s future is in digital data and analytics, enabling market participants to communicate faster and make quicker, and more data-driven decisions. Just as eBay revolutionized retail purchasing by bringing more choices to buyers and sellers, we aim to do the same for physical commodity producers in a curated, trusted environment of the Open Mineral platform.”

Open Mineral also says that it would be looking to push “green” ESG metrics on its buy and sell-side as the mining companies and the associated platforms come under increased scrutiny over their contribution to the destruction of the ecosystem and global warming. The company hopes that such measures would help to boost the credentials of this sector about being “green” and helping to support the environment.

Faris Al Mazrui, head of Russia and CIS Investments at Mubadala, said: “Open Mineral is disrupting the commodity trading business by leveraging data analytics technology. Buyers and sellers of base metal commodities can tap into a unique and proprietary data hub to trade more efficiently and capture upside.”

This would indeed be a huge move if the company can achieve its goal of digitizing the whole commodity trading market as the use of paper, as is done right now, is a big drawback in terms of transparency and ease of doing trading.

Read this next

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<