Today enterprise blockchain firm MineHub listed on Canada’s TSX Venture exchange following a CAD 10 million ($7.9m) fundraising and currently has a market cap of CAD 51 million ($40m).
In 2020 BHP and China Baowu executed an iron ore trade on Minehub’s blockchain platform, which is used for supply chain workflow. Other partners include Wheaton Precious Metals, ING Bank, Vale, Kimura Capital, and IBM.
The founding CEO, Arnoud Star Busmann, spent nine years at ING as innovation lead for commodities. MineHub started by focusing on digital transformation to address inefficiencies. Based on KPMG data, the company estimates that 5% – 10% of the value of goods, $150 billion annually, is lost on multi-party and paper-based processes in the metals and minerals sector.
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