Business
Abaxx and MineHub Announce Strategic Partnership to Transform Commodities Markets
Abaxx to acquire 10.9% ownership interest in MineHub Vancouver, British Columbia--(Newsfile Corp...
About this update from Minehub Technologies, Inc.
[{"type":"text","content":"\nAbaxx and MineHub Announce Strategic Partnership to Transform Commodities MarketsAbaxx to acquire 10.9% ownership interest in MineHubVancouver, British Columbia--(Newsfile Corp. - August 1, 2024) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) (\"MineHub\" or the \"Company\"), a leading provider of digital supply chain solutions for the commodities markets, is pleased to announce that it has entered into a share exchange agreement dated July 31, 2024 (the \"Share Exchange Agreement\") with Abaxx Technologies Inc. (Cboe CA: ABXX) (OTCQX: ABXXF) (\"Abaxx\") for the purposes of developing a strategic partnership to drive digitization more broadly within the physical commodities markets. Abaxx, an indirect majority-owner of Abaxx Exchange and Abaxx Clearing, has developed and deployed technologies that unlock latent value in global markets with products that make communication, trade, and transactions easier and more secure. The companies share a joint mission to improve data transparency and empower market participants with better tools to meet the ever evolving commodities landscape, which is facing new challenges such as the energy transition and increasing regulatory pressure. Comprehensive digital tools are more necessary than ever to adapt to a changing market environment.Abaxx and MineHub are partnering to explore a wide range of commercial and product collaboration opportunities centered on leveraging their collective expertise and capabilities to magnify the value that they can deliver to customers, as well as to shareholders. Benefits of the collaboration include:Exploring data integration between Abaxx and MineHub digital tools to broaden the value available to customers and amplify commercial tractionPartnering to facilitate entry into commodities markets, beyond copper and aluminum where MineHub has focused historicallyLeveraging Abaxx's ID++ identity protocol to enrich MineHub's ability to provide customers with a secure and easy-to-use communication tool Bolstering the physical commodities market's ability to meet progressing requirements related to sustainability (i.e. reporting, carbon offsetting, traceability)Enabling more efficient, secure hedging by providing a bridge between physical and financial commodities data while preserving data privacyPromoting compliance within a new and ever-evolving global r...