Watr, a platform operating in the commodity trading sector, has announced its transition to the Avalanche blockchain. This move is aimed at improving and digitizing the processing of trade and financing in commodities.
Strategic Partnership between Watr and Avalanche
Watr announced its transition to the Avalanche blockchain on April 3. This collaboration will enable the integration of commodity trading and financing onto a decentralized platform, granting users access to global commodity trading, including metals, minerals, food, and fuel.
Technological Advantages of Avalanche
The Avalanche blockchain provides institutional infrastructure and decentralized finance liquidity across real-world supply chains. According to John Nahas, chief business officer at Ava Labs, this blockchain was designed to leverage opportunities in the commodity market, as real-world assets have barely begun to utilize the advantages of blockchain technology.
Goals and Solutions of the Watr Platform
Watr was founded by Web3 and commodity trading pioneers from Shell and JP Morgan. The platform aims to digitize the commodity trading and finance sector. Watr Foundation founder and president Maryam Ayati noted that utilizing Avalanche technology would significantly accelerate the adoption of solutions in commodity markets, including decentralized identity and smart contracts. Watr promises to utilize tools like WatrMrks for traceability and WatrIDs for decentralized identities.
Watr's transition to Avalanche highlights the growing interest in implementing blockchain technology within commodity trading. The utilization of this blockchain may significantly change the approach to financing and trading in the current economy.
