Exchange technology provider Exberry has announced that it is providing its “Marketplace as a Service” technology at the heart of ProMEX, the digital marketplace for physical commodities. The new technology partnership will enable ProMEX to create new products and markets at speed, and securely offer trading in a wide variety of commodities in new ways.
ProMEX delivers an end to end digital experience in physical commodity trading. The platform provides direct, real-time trading without intermediaries or clearing houses and eliminates settlement risk for its users. This shortened settlement cycle also reduces counterparty risk. Exberry’s matching engine is central to this process.
The way most commodities are currently traded is rather traditional – a bilateral negotiations process which is opaque and inefficient. At the same time, many small and medium size commodity firms and investors are not familiar with risks associated with commodity futures markets. ProMEX brings simplicity and efficiency to trading such commodities, all from an intuitive mobile application.
ProMEX’s new marketplace is now live with its first commodity Moutai, the national wine of China. Users can buy, hold, sell, make or take delivery in Moutai, without having to organize logistics or set up a storage facility. Users can simply download the app from their preferred app store to join the platform. ProMEX will develop other physical commodities including “green” products to promote sustainability among the relevant industry users.
The flexible modular structure of Exberry enables clients to rollout marketplaces at speed and global operations to be run from a single location. Exberry’s easy to integrate “Marketplace-as-a-Service” with its matching engine at the heart, allows ProMEX and their users to reap the full benefits of the exchange-grade trading solution, rolling out new services and markets at speed.
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.”
Commenting on the announcement, Magnus Almqvist, Head of Exchange Development at Exberry 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.”