FinComEco, Block Commodities announce blockchain crypto token collaboration

The agreement complements the BLCC’s Joint Venture with FinComEco, a subsidiary of GMEX Group, whereby Block Commodities, FinComEco, Wala and Dala, will be working together to develop and operate a web-enabled platform using the blockchain ledger for its agricultural commodity trading initiative in sub-Saharan Africa.

In particular, this collaboration agreement establishes a relationship whereby Wala, a blockchain-powered financial services platform, will support the use of the Dala utility token as the functional token for the food commodities cycle trading ecosystem, which is currently being established by BLCC and its partner, FinComEco.

Under the agreement terms, the BLCC and FinComEco Joint Venture will provide the equivalent of USD 10 million in Dala token loans to approximately 50,000 smallholder farmers, starting in Uganda and then extending to Malawi, Zambia, Zimbabwe, South Africa and Republic of Congo (ROC). Wala will support BLCC and FinComEco with software solutions and integration into Walas financial platform and the Dala ecosystem.