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DJ Block Commodities Ltd: Collaboration Agreement with Wala and the Dala Foundation

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 Block Commodities Ltd (BLOC) 
Block Commodities Ltd: Collaboration Agreement with Wala and the Dala 
Foundation 
 
22-March-2018 / 10:40 GMT/BST 
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The issuer is solely responsible for the content of this announcement. 
 
     The information communicated within this announcement is deemed to 
     constitute inside information as stipulated under the Market Abuse 
 Regulations (EU) No. 596/2014. Upon the publication of this announcement, 
   this inside information is now considered to be in the public domain. 
 
22 March 2018 
 
      BLOCK COMMODITIES LIMITED 
 
      ("Block Commodities" or the "Company") 
 
      Block Commodities Limited / Epic: BLCC / Sector: Mining 
 
      Collaboration Agreement with Wala and the Dala Foundation 
 
     Block Commodities Limited, the innovative commodity trader operating in 
  Africa, is pleased to announce it has entered into a strategic partnership 
    with Wala, a blockchain-powered financial services platform, and Dala, a 
     cryptocurrencytoken issuer that will support the operationalization and 
 further development of scalable, blockchain-enabled financial platforms for 
            developing markets. 
 
     The agreement complements the Company's Joint Venture with FinComEco, a 
    subsidiary of GMEX Group Limited, announced last November, whereby Block 
  Commodities, FinComEco, Wala and Dala, will be working together to develop 
     and operate a web-enabled platform using the block-chain ledger for its 
         agricultural commodity trading initiative in sub-Saharan Africa. In 
 particular, this collaboration agreement establishes a relationship whereby 
 Wala 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 the Company and its partner, FinComEco. 
 
Under the agreement terms, the Block Commodities and FinComEco Joint Venture 
  will provide the equivalent of US$10M in Dala token loans to approximately 
50,000 smallholder farmers across Sub-Saharan Africa, starting in Uganda, in 
    order for them to purchase fertiliser. Wala will support the Company and 
FinComEco's integration into Wala's financial platform and incorporating the 
            Dala token. 
 
 The collaboration aims to integrate the Block Commodities' trading business 
  and FinComEco agricultural commodities ecosystem through the deployment of 
     blockchain to maximize the value of African agricultural commodities to 
            smallholder farmers. 
 
            Block Commodities Executive Chairman, Chris Cleverly, said "This 
    collaboration represents a potentially significant reset for finance and 
 commodities market development in Africa, a problem that is being addressed 
     by bold and innovative technologies and partnerships. We are helping to 
empower African farmers through loans to purchase fertilizer and have better 
            access to markets". 
 
            About Dala: 
 
    To enable a zero-fee and borderless financial system for emerging market 
          consumers, a new cryptographic token, Dala, was issued by the Dala 
    Foundation. Dala is a general-purpose ERC-20 token that will support the 
  operationalization and further development of scalable, blockchain-enabled 
  financial platforms for developing markets around a common unit of account 
and microeconomic incentive structure to create strong network effects. Dala 
       already has utility, through its launch partner Wala, within the Wala 
  Financial Platform. The Dala ecosystem expands through partnerships across 
       borders and financial services, enabling consumers and enterprises to 
      transact, save, lend, and invest with Dala. For additional information 
            please visit: https://dala.org/ [1] 
 
About Wala: 
 
   Wala, the launch partner of Dala, is a mobile financial services platform 
       built on the Ethereum blockchain. Tackling financial exclusion, their 
         mission is to close the gap between consumers and financial service 
 providers in emerging markets. Wala works with specialist providers in each 
    market they're operational in, including banks, to offer a full suite of 
       financial services like transactional banking, remittances, loans and 
insurance. Partners benefit from the reach and low-cost access to previously 
    unserviceable customers enabled by the Wala platform. The Wala Financial 
   Platform provides access to transactional banking, remittances, loans and 
   insurance for the unbanked and underbanked. Wala works with best-of-breed 
  specialist providers in each market they operation in, including banks, to 
            offer a full suite of financial services. Wala will support this 
        collaboration with software solutions and integrations into the Wala 
      Financial Platform and the Dala ecosystem. For additional information, 
            please visit: https://getwala.com/ [2] 
 
   Wala Founder and CEO and Dala Director, Tricia Martinez, said "This is an 
   industry changing partnership that will drive much needed economic growth 
       and financial inclusion in African markets. Blockchain technology and 
    cryptocurrency have the potential to start financial innovation in these 
markets and Dala is at the forefront. We are very pleased to work with Block 
  Commodities and FinComEco to provide the necessary tools and resources for 
            these farmers and markets." 
 
The Block Commodities and Wala/Dala joint venture will be piloted in Uganda. 
The local Ugandan community has been instrumental in testing Wala prototypes 
 and demonstrating that digital technology can be used to effectively remove 
   key barriers to the adoption of financial services by the underbanked and 
            underserved: access, cost and embedded economic incentives. 
 
Chairman of GMEX Group and CEO of FinComEco, Hirander Misra commented, "This 
 partnership will drive financial inclusion in Uganda and across Sub-Saharan 
   African countries by providing smallholder farmers with cheaper access to 
finance and inputs (pesticides, fertilisers and seeds), which will result in 
an increase in agricultural output. He added, "This combined with electronic 
       warehouse receipts financing and easier access to markets through the 
 FinComEco commodity exchanges will ensure better price transparency enabled 
        by Blockchain technology therefore increasing individual incomes and 
            national GDP." 
 
  The Directors of the Company accept responsibility for the content of this 
            announcement. 
 
For further information, please contact: 
 
Block Commodities Limited 
Chris Cleverly                              +44 (0) 20 7408 9200 
 
    NEX Exchange Corporate Adviser: 
 Alexander David Securities Limited 
    David Scott - Corporate Finance         +44 (0) 20 7448 9820 
James Dewhurst - Corporate Broking          +44 (0) 20 7448 9820 
 
Public and Investor Relations: 
Cassiopeia Services - Stefania       stefania@cassiopeia-ltd.com 
Barbaglio 
 
FinComEco 
 
Melanie Budden 
The Realization Group 
+44 (0)7974 937 970 
melanie.budden@therealizationgroup.com [3] 
 
About Block Commodities 
 
Maximising commodities ecosystem with blockchain technology 
 
Block Commodities' strategy is to maximise the value of African agricultural 
  and other commodities through the deployment of blockchain technology. The 
        resources will be linked through the vertical integration of primary 
   industries down to consumers via blockchain platforms. Using blockchain's 
ability to dynamically incorporate all market participants into an efficient 
 ecosystem, Block Commodities aims to facilitate the commercial operation of 
        such ecosystems in the context of the agricultural production cycle. 
 
         In reclaiming the value lost in African agricultural and extractive 
       industries through inefficient supply and distribution systems, Block 
  Commodities will help African farmers raise productivity and secure better 
      returns for produce. This is an important step in establishing African 
            communities as significant future global agricultural producers. 
 
ISIN:          GG00B4QYTJ50 
Category Code: AGR 
TIDM:          BLOC 
Sequence No.:  5324 
 
End of Announcement EQS News Service 
 
667491 22-March-2018 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=f9a487f0d06ce7f05d8ce399208efda8&application_id=667491&site_id=vwd_london&application_name=news 
2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=2025ee834b625d916c95031e867178d9&application_id=667491&site_id=vwd_london&application_name=news 
3: mailto:pr@gmex-group.com 
 

(END) Dow Jones Newswires

March 22, 2018 06:43 ET (10:43 GMT)