Blockchain Firm Wala Collaborates With Block Commodities and FinComEco On Crypto Tokensbr>
Blockchain financial services platform Wala and its native Dala token have partnered with African commodity trader Block Commodities (BLCC) and financial and commodities ecosystem FinComEco to support the development of blockchain financial platforms for developing markets.
Dala, Wala, Block Commodities, and FinComEco will work together to develop and operate a range of platforms, projects and initiatives in the agricultural commodity markets sector in sub-Saharan Africa. Specifically, Wala will support the use of the Dala utility token as the functional token for food commodities cycle trading, which is currently being established by BLCC and FinComEco. Dala is designed to enable instant, zero-fee, borderless micropayments.
BLCC and FinComEco will provide 100,000,000 Dala token loans (equivalent to $10M USD) to 50,000 smallholder farmers starting in Uganda to purchase fertilizer, and in time, the same will be provided to local farmers in South Africa, Republic of Congo, Malawi, Zambia and Zimbabwe. If all goes according to plan, the fertilizer will allow farmers to maximize their outputs, at the same time, the partnership will provide blockchain tools to track their commodities.
The partnership aims to integrate the BLCC trading business and the FinComEco agricultural commodities ecosystem through the deployment of blockchain to maximize the value of African agricultural commodities to smallholder farmers. The collaboration will be enhanced by existing Dala and Wala partnerships with mobile point-of-sale service Mvendr and ecommerce management platform Spazapp.
The Mvendr and Spazapp networks provide Wala users with the capability to transact and cash in/cash out with Dala at over 100,000 merchants throughout Africa. These partnerships further expand Dala payment capabilities for consumers, merchants and suppliers.
Chris Cleverly, CEO of Block Commodities, said the partnership is a giant step in the right direction to tackle and solve the financial inclusion problem that impacts half the world’s population.
“This collaboration represents a potentially significant reset for finance and commodities market development in Africa, a problem that is being addressed by bold and innovative technologies and partnerships.” Cleverly said. “We are helping to empower African farmers through loans to purchase fertilizer and have better access to markets.”
Hirander Misra, Chairman of GMEX Group and CEO of FinComEco, said the partnership will drive financial inclusion across Sub-Saharan African countries by providing smallholder farmers with cheaper access to finance and inputs, which will result in an increase in agricultural output.