With just over a year after going live, brazilian startup Gavea announces that its commodities blockchain trading platform has reached the mark of US$2.3 billion in bids and offers, around 6 million tons of products. Some of the major players in the commodities industry are already clients, such as Amaggi, Agro Amazônia, FS Bioenergia, Inpasa, Gavilon, Lavoro, Cofco, and others.
Developed with blockchain technology, the platform works as an OTC (over-the-counter) exchange, allowing buyers and sellers to know the counterpart they are dealing with, with transparency and no middlemen, providing full upstream traceability of products’ origin and promoting a fair and sustainable trading, with ‘ESG checks’ across the supply chain.
Trades at the exchange can have spot or future delivery, and settle in USD or BRL. Tailor-made contracts are automatically generated and signed with digital certificates in the platform — mitigating risks and reducing transactional and operational costs, with higher margin profits to participants.
Founded by Vítor Uchôa Nunes, a former Executive Director at BTG Pactual — largest LATAM investment bank, the Brazilian agtech leadership team is complete with two partners: Diogo Iafelice, Growth director, and Bruno Holtz, CTO.
“We are very excited with the traction and growth of volumes, with an avenue to scale not only in Brazil but also abroad, in the short term”, says Nunes. “Our exchange currently covers tokenized Soybean and Corn, and we’re on track to add to it new trade finance products, offering tokenized credit to producers, and to cover additional steps of the supply chain, with the distribution of Brazilian products to consumer sites, yet this year. New products such as tokenized Cotton, Sugar and Wheat are also in the roadmap for the next crop, in 2023.” he says.