One of the most exciting publicly traded companies in Canada focused on changing the future of commodities has a new partner. And together they are aiming to use technology to transform how commodities are traced and traded.
What’s happening:
- Abaxx Technologies (CBOE: ABXX) has taken a 10.9% ownership stake in digital supply chain platform MineHub (TSXV: MHUB) through a share exchange agreement
The big idea:
- The new partnership between Abaxx and MineHub will be focused around innovative new ways to bring physical commodities into the digital realm as well as accelerating the technology infrastructure for sustainability requirements for commodities such as carbon offsets and traceability
Why it matters:
- Abaxx Technologies is aiming to disrupt how commodities are traded and have multiple notable backers including legendary natural resource entrepreneur Robert Friedland
Going deeper:
- BlackRock previously backed Abaxx Technologies in a $30.7M CAD financing round to further build out their new commodities exchange and trading platform focused on energy transition metals
- Abaxx Technologies is also a founding shareholder of publicly listed carbon company Base Carbon (CBOE: BCBN) who has recently been seeing a surge in revenues from their carbon reduction project in Vietnam
