Business
Mining and Metals Blockchain Platform MineHub Technologies Launches Trade Finance Application
Vancouver, British Columbia--(Newsfile Corp. - November 8, 2021) - MineHub Technologies Inc. ...
About this update from Minehub Technologies, Inc.
[{"type":"text","content":"Mining and Metals Blockchain Platform MineHub Technologies Launches Trade Finance ApplicationVancouver, British Columbia--(Newsfile Corp. - November 8, 2021) - MineHub Technologies Inc. (TSXV: MHUB) (OTC Pink: MHUBF) (\"MineHub\" or the \"Company\") is pleased to announce the launch of its Trade Finance network application, available to all platform users. The Trade Finance application is the first in a series of network applications MineHub will be launching in the coming months.MineHub Trade Finance is a network application, bringing visibility, security and efficiency to financiers of commodity transactions, whilst digitising administration and communication between lenders and financiers. Integrated with the core MineHub platform, this service is an additional offering that further increases the value of the MineHub platform to its users.Arnoud Star Busmann, CEO at MineHub and formerly of ING Bank, the world's largest commodity bank, said, \"Having had multiple years of experience with the complexity and key risk drivers of commodity trade finance made this application the highest priority solution on our roadmap. The value proposition is very clear. Blockchain technology, and solutions like MineHub Trade Finance are likely to forever change the ways of working in the commodity trade finance industry with a key goal to unlock access to essential working capital critical for the world economy.\"MineHub is an open, enterprise-grade platform for digital trade, bringing transparency, resilience and responsibility to mining and metals supply chains. The platform connects the many parties involved in physical commodity transactions in a digitally integrated workflow by operating on the basis of shared information, secured by a global enterprise blockchain network. This provides greater efficiency, security and transparency relative to the current paper-based and manual processes. Banks have been decreasing their exposure to commodity trade finance and the Asian Development Banks estimate that the global trade finance gap is already at $1.7 trillion. Some of the supply chain disruptions the world is witnessing are a direct consequence of a lack of trade finance liquidity. At the same time, institutional investors and alternative lenders have a surplus in capital looking for yield, and are looking for channels to get exposure to com...