Comdex is a trade-tech solution built to bring efficiency, transparency, and trust to the commodity trade and trade finance industries.
Comdex revolutionizes the $17 trillion commodity trading industry by using existing banking structures and advanced technology. With a plethora of solutions including a platform to connect trade financiers, trade settlement and trade workflows management, Comdex is already in the pilot phase with trades worth millions of dollars being processed.
Comdex impacts the fragmented commodity trade industry by making it faster, more transparent and efficient. The vision of Comdex is to revolutionize the rudimentary process of global commodity trade to minimize settlement times and maximize transparency, efficiency, and immutability in trade. The solution is designed to harmoniously tie the existing industry protocols and bleeding-edge technology to ensure trust, speed, and scalability of trade transactions and settlements.
Why Commodity Trading needs Comdex?
The cross border commodity trade industry experiences several pain points,
some of which decrease overall efficiency while others increase risks associated with the trade
Lengthy Trade Cycles
Archaic banking systems and a high number of intermediate touchpoints in the settlement system create delays in trade cycles.
No Consolidated Marketplace
Absence of a reliant platform based marketplace to facilitate secure and seamless trade document exchanges and negotiations
Extensive Legal Cycles
Potential falsification of data including forgery and misrepresentation of facts breeds distrust resulting in lengthy legal checks and processes
Lack of Credibility
No Ratings / Scoring system establishing the credibility of the trading parties
Comdex is a comprehensive all-in-one platform with a suite of products, designed for the Commodity Trade Industry.
The solutions include but are not limited to:
Traders on the platform can maintain and exchange key trade documents and information of their existing trades, all of which are stored on the blockchain securely and immutably. The information can be organized to generate reports for tracking trade activity.
Live Trade Room
Features such as live chatbox, shared document view, documentary tagging, and e-signing enable frictionless negotiation and finalization of contract & trade terms, document exchange and signing between trade parties.
The trade settlement module, powered by WU® EDGE, allows traders to make cross-border settlements almost instantly without bearing high expense and settlement times that arise from using the SWIFT system. The module uses advanced real-time domestic settlement protocols present in the platform's supported regions.
Trade financiers on the platform have access to a directory of verified trades between KYC'd trading parties requiring financing. The module is designed to assist financiers in assessing financing proposals considering all the risk factors involved in the trade.