The TradeCloud platform is an online platform where producers, consumers and traders of physical commodities can meet to exchange information, negotiate contracts and conclude business. The first part of the TradeCloud platform has already been live for a year, and has already initiated approximately $1.5 billion worth of trades on the platform.
TradeCloud reached its private sale hard cap of $5million in one month and is now moving now to the public sale. Public sale set to end during the fourth quarter of this year..
TradeCloud was founded by a group of leading Commodity and IT professionals with proven track records of success, TradeCloud is a bespoke platform, designed and developed specifically for the physical commodity markets.
Live since the end of 2017, TradeCloud has attracted over 250 enterprises and 500 users onto its platform. With customers in over 39 countries, some of the largest global producers and consumers have signed up to join our growing community.
We have asked to TradeCloud executives a few questions to better understand how this success could be achieved in such a short time.
Q. What makes TradeCloud unique?
A. “The commodity industry has been slow to adopt digital change. Market participants and service providers remain disconnected, only being able to reach each other through out dated or not-fit for purpose communication tools. This has led to inefficient communication, inadequate price discovery and a poor allocation of services to the industry.
“The lack of digitalization in this space has contributed to fraud, sometimes on an enormous scale such as in Quingdao, or for example with emailed payment instructions being intercepted and changed. Services such as new finance channels and credit insurance capacity have not been able to be accessed and utilized as the providers and those that need their services have not been connected.
“Inefficient processes and antiquated price discovery methods have caused rising costs and shrinking margins”.
Q. How are you planning to solve this gap in the current system?
A. “TradeCloud is already building communities and connecting the industry over its’ secure, efficient and easy to use platform. Our digital vision, centered around the Corda blockchain will make transacting and executing physical commodity trades, fast, efficient and secure, both reducing costs and improving margins at the same time”.
Q. What expansion plans do you have for the coming years?
A. “The company has started development on its energy module, with a planned rollout around the turn of the year. Immediately after, development on the agriculture module will begin. A pilot of the TradeCloud Commodity Web is due for release in Q4 this year, with the full release currently schedules for Q2 2020.”