NY Fintech Firm Ideanomics Partners with UK Company to Create Digital Asset Exchange
Fintech company Ideanomics, traded on the NASDAQ stock exchange with the ticker SSC, partnered with UK-based TPJ to develop a joint venture that would establish a digital asset exchange.
New York-based Ideanomics, a fintech tech firm that provides asset digitization and tokenization solutions, announced on Tuesday that it had formed a joint venture with UK-based TPJ Ltd. The new venture created Ideanomics Resources LTD, a company based in the London, UK. Ideanomics owns 75% in the joint venture, which aims to unlock value in the energy and commodities markets through Ideanomics’ Platform-as-a-Service (PaaS). The solution represents a range of financial technologies that rely on blockchain and artificial intelligence (AI). Eventually, the venture will establish a digital asset exchange. Ideanomics Resources said that it would initially target the Middle East and Africa, where it has valuable partnerships.
Last month, Ideanomics co-CEO and Chairman Dr. Bruno Wu spoke with investors at an event organized at Africa House in New York, during the UN General Assembly meeting. He said:
“We will use blockchain technology to improve transparency and eliminate corruption in Africa's commodity markets. Digitizing asset production and distribution could help the continent to lead just as it has with mobile money worldwide.”
The new venture is planning to develop a digital asset exchange focused on the commodity and energy sectors. It will rely on Ideanomics PaaS solutions, which include the pricing model, the tokenization of assets, AI for indexing and futures pricing, and processing and settlement solutions for supply chain finance through Ideanomics’ smart contract technology. The platform will tokenize assets related to mining (not to be confused with cryptocurrency mining), oil, and gas.
Jason McCue, director of Ideanomics Resources LTD, commented:
“We are delighted to join the Ideanomics team. London is an important hub for the group and the sector. We are focused and determined on opening up the benefits of AI and blockchain applications to the public and private sector, both in traditional markets such as Europe, and emerging markets such as Africa. We have the digital capability to bridge continents and place emerging states onto the global economic map.”
Today, more and more companies are choosing to leverage blockchain technology to tokenize real-world assets, whether it’s about company shares, commodities or other assets. Under the digitization process, new security tokens are created on a blockchain network like Ethereum. As the tokens are backed by specific assets, holders have ownership rights.