NEWS | August 9, 2023
Dear ladies and gentlemen,
The digital expenditure control feature has been featured in the online crypto trade magazine BTC-Echo! This demonstrates how the Finomet platform we utilize is increasingly becoming the security standard for an entire industry.
The report vividly illustrates how there have been data gaps in the raw material trading sector and where they have led. With the radical transparency of decentralized representation of the entire raw material business via a public blockchain, this issue is finally resolved. Or as quoted by BTC-Echo, Finomet’s CEO Andreas Kroll states, “Trust is replaced by proof.”
Recently, Finomet partnered with storage specialist Metlock. The company will provide storage space as needed, exclusively reserved for blockchain-minted (i.e., documented) raw materials. In addition to the security provided by walls up to two meters thick, the digital expenditure control ensures that customers’ funds are used in their intended manner. Besides technology metals and rare earth elements, precious metals like silver, gold, platinum, and palladium are now also protected by blockchain technology.
The business of technology metals and rare earth elements is booming. A recent over 10-page report in Spiegel showcased how European countries spare no effort or expense to become independent from China. More and more governments recognize, in light of China’s politically leveraged control over resources, that protectionism is essential. Additionally, the EU mandates that at least a portion of production-critical resources, such as gallium, must come from domestic production.
When it comes to resource origin, “green” trumps “cheap.” Supply chains become selling points, as companies of a certain size must demonstrate in the future that the extraction of their resources adheres to environmental regulations and human rights. The Finomet platform offers the ideal entry into this new form of raw material trading, not least because it allows for precise traceability of purchased metals’ origin.
Technology metals and rare earth elements are already the most promising products in the investment market. They promise protection against inflation, safeguarding amidst political turmoil between China and Taiwan, and shield against stock market price fluctuations. Moreover, their prices are highly likely to rise, providing the prospect of attractive, tax-free returns.