Today Canadian blockchain startup MineHub Technologies announced that BHP, the world’s largest mining companies (by market capitalization), executed an iron ore trade with China Baowu on its platform. The Chinese firm, sometimes referred to as Baosteel, was involved in a blockchain transaction for letters of credit two months ago.
According to Reuters, the latest transaction was for $14 million. The Minehub platform, built with assistance from IBM launched last year, but this is its first publicly announced transaction.
“This series of transactions, each focusing on different aspects of the post-trade process, will allow MineHub to incrementally expand the platform’s functionality and scalability into the iron ore and other mineral commodity markets, incorporating real-life user experience,” said Minehub CEO Arnoud Star Busmann.
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