Security Matters (SMX), the blockchain recycling startup, has made several announcements since finalizing its Nasdaq SPAC merger last week, including with Sumitomo Corporation and Continental Tires. SMX has a variety of solutions, including an invisible marker to help with traceability, an associated blockchain solution, and physical recycling sorting machines.
The deal with Sumitomo Corporation isn’t about the Japanese firm becoming a client but the reverse. Sumitomo will be the exclusive worldwide distributor for SMX products for non-ferrous metals. That includes the likes of aluminum and nickel, which are both heavily used in cars, with nickel widely deployed in electric vehicle batteries. While the deal is global and the automotive sector was not mentioned in the announcement, the Japanese car industry is substantial.
The combination of SMX’s technologies means it’s possible to ensure the metals are ethically sourced, certified for quality, and accurately identify the metal in the finished goods. In turn, this helps with recycling.
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