What is TradeCloud (TC)?
TradeCloud (TC) is a platform that aims to build a well-organized marketplace for bringing commodity producers, buyers and sellers together to communicate and conclude physical transactions with each other in an efficient, organized, compliant and modernized digital environment.
The company has been live since October 2017, with its platform having over 200 member companies in 36 countries. The platform has already seen more than $600,000,000 worth of trades initiated on it.
According to TradeCloud, so far there has been no platform which would effectively connect commodity buyers and sellers. Additionally, the current method of checking availability and price discovering is conducted through phone, email, or chat, and often using intermediaries like traders or brokers.
The TradeCloud platform promises to build a highly efficient marketplace for differentiated, but similar products. The ultimate goal is to bring interested parties together to facilitate the most optimal trade, all this in an efficient, secure and compliant way.
Although the initial launch focuses on refined metals and recycled products, TradeCloud’s mission is to grow into a multi-commodity platform covering energy and agricultural products.
Ultimately it’s going to build the Commodities Web on the blockchain where connected services like freight, insurance and finance can bring digital advancements into and shake up the commodities industry.
Check out their whitepaper for more information.
TradeCloud was established by four co-founders with a vision of digital modernization of commodity trading. The team has a strong experience in relevant areas – physical commodities and technological spaces. These four men are Simon Collins, Matthew Botell, Mark Cheong, and Justin Wilson.
Find all the details about them here.
- LinkedIn: 245 followers
TradeCloud also has its own blog on the website, where you can read updates like:
- TradeCloud allows users to report data to Fastmarkets via the platform
- Article by Bloomberg: Metals Platform TradeCloud Plans $20 Million Token Fundraising
- Pre-Token (Private) Sale start date: January 15, 2019
- Pre-Token Sale end date: TBD
- Main Token Sale start date: when Private Sale is fully allocated
- Main Token Sale end date: TBD
- Hard Cap: $45,000,000 USD
- Soft Cap: $5,000,000 USD
- Token Symbol: TC
- Private sale minimum investment: $25,000 USD
- Public sale minimum investment: $10,000 USD
- Token Type: Security
- Treasury tokens: 50%
- Public sale: 34%
- Pre-Sale: 13%
- Advisors/Partners: 3%
Use of funds
- Marketing of the platform: 40%
- Debt repayment: 6%
- Acquisition: 19%
- Software development: 25%
- Early adopted incentives: 10%
- January 2019: Pre-Sale process starts
- Future: Post FINMA no-action letter
There are some platforms that are somewhat similar in the idea of revolutionizing the commodities industry, like komgo SA and SourceSage.
Komgo SA is a blockchain-based open platform launched by industry players and banks with an aim to transform and catalyze commodities trade finance.
Developed in partnership with ConsenSys, the largest community of technologists and entrepreneurs creating applications, infrastructure, and solutions on the Ethereum network, komgo SA aims to optimize the whole flow of physical commodity operations.
They aim to achieve this with two products: the goal of the first one is to standardize and facilitate KYC process without using a central database and the second will be digital letters of credit, allowing commodity houses of other platforms to submit digital trade data to komgo SA customer banks of their choice.
Just like TradeCloud, SourceSage is a veteran company that was also founded in Singapore, with a mission to facilitate global trades through its commodity exchange, providing real-time data access and allowing suppliers and service providers to create communities to increase sales.
SourceSage is a global information and technology company harnessing the power of data and technology to organize, understand and improve the world of physical commodities trading.
From what we have seen so far, TradeCloud is a serious company with a strong team behind it. They are already an established name with a working product, organizing an STO to support their further operations. The fact that they were founded in Singapore, the leader in technological advances only adds to their trustworthiness.
That said, they could work a bit more on their social media presence, as this would allow them to reach more people who would be interested in investing. Another thing to mention is that they are not lacking competitors, including some in their homeland of Singapore. However, they have no reason to fear a little competition as they seem capable enough to handle it.