TradeCloud’s physical trading platform will go live this summer, starting with base metals.
Digital commodity start-up TradeCloud Services Pte Ltd is on track to launch its physical commodities messaging and trading platform this summer, and will begin with base metals, it said on Wednesday March 8.
The Singapore-based company, founded by ex-Trafigura executives Simon Collins and Matthew Botell, has selected Armenia-based software provider Volo to build the platform, it said in a release.
The platform will first cover the most commonly-traded metals: copper, aluminium, zinc and nickel.
“We are confident that we will see a significant uptake for the product,” Collins, ceo of TradeCloud, said.
The platform will allow producers, consumers and traders to submit bids and offers for material securely online, helping to reduce inefficiencies in managing the sale of physical commodities and improve compliance oversight, Metal Bulletin reported earlier.
“Our platform will allow clients to communicate on a multi-channel basis, in a secure and recorded environment. We will have some really innovative features that will be appealing to the commercial teams, as well as their compliance, credit, and finance departments,” Collins said.
TradeCloud has plans to provide post-trade services such as logistics, finance, and documents.
Collins was director of metals and minerals at Trafigura until 2015 and Botell was the cfo of Cliveden, having served as Trafigura’s chief operating officer for metals and minerals until 2010. The company also counts ex-Goldman Sachs Justin Wilson as cto and ex-Trafigura Investment China cfo Mark Cheong as cfo.