Post-trade technology services firm Kynetix is seeking to assemble a consortium of commodities market stakeholders to explore the collaborative use of blockchain technology.
announced today that it has so far assembled a "coalition of 15 commodity exchanges, investment banks, clearing houses and brokers", though it declined to name those involved in the effort.
In interview, Guillaume Kendall, head of business development at the UK-based company, sought to characterize its service as uniquely positioned between the "physical economy and the financial markets", thus making it an ideal candidate to lead the conversation.
Kendall told CoinDesk:
Kendall said the goal of the consortium will be to investigate the benefits blockchain technology could bring to this process, and to explore the subject with "key actors" who could work on a collaborative solution.
He framed the effort as complementary to R3, positioning the comparison as an acknowledgement of that group's "significant momentum" in bringing together traditional financial stakeholders.
When reached for comment, Kynetix’s public-facing partners including London Metals Exchange, Stonehage and UBS declined to comment as to their involvement in the initiative. InterContinental Exchange (ICE) indicated it was not involved in the project.
Kynetix said the first meeting of the consortium will be held tomorrow, 25th November, in London.
Commodities image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.