Share this article
Metals Exchange Forms Blockchain Group to Modernize Minerals Industry
A Switzerland-based trading platform for metal concentrates is forming a blockchain consortium to streamline mineral industry supply chains.
By Wolfie Zhao
Updated Sep 13, 2021, 8:09 a.m. Published Jul 9, 2018, 2:15 p.m.
Make us preferred on Google
A Switzerland-based trading platform for metal concentrates is forming a blockchain consortium aimed to streamline supply chains in the minerals industry.
To that end, Open Mineral – a startup established by a group of former employees from commodity trading and mining giant Glencore – said it has already started working with the ethereum startup ConsenSys to develop a platform dubbed Minerac. The firm did not disclose the names of the mining and financial firms that have so far agreed to join the consortium.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to a report from Reuters, the project aims to have every party involved in mineral mining and trading logistics – from mining to shipping to storage and trading – participating as nodes of the new blockchain platform.
The goal of the project is to get rid of the existing complex and paper-heavy processes within the industry, and ultimately to allow the different parties to obtain updated logistics data simultaneously and transact trade documentation using smart contracts embedded in the blockchain.
As supply chain data is moved onto the distributed network, the report indicates, mining products can be traced with unique identification data that provides their point of their origin, allowing compliance with local laws.
Founded in 2017, the startup mainly serves to eliminate intermediaries for mining firms and smelters in a bid to reduce their costs when trading mineral concentrates.
The news of the new consortium comes just months after Open Mineral secured $2.5 million in a funding round in April, which was said to be specifically used for blockchain development, according to a news report from TechCrunch at the time.
Smelter image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Silver nears $1 billion in volume on Hyperliquid as bitcoin remains frozen: Asia Morning Briefing
Silver perps have more volume on Hyperliquid than SOL or XRP.
What to know:
- Silver futures on the Hyperliquid crypto derivatives exchange have surged to become one of its most active markets, ranking just behind bitcoin and ether in trading volume.
- The SILVER-USDC contract’s high volume, sizable open interest and slightly negative funding suggest traders are using crypto infrastructure for volatility and hedging in macro commodities rather than for directional crypto bets.
- Bitcoin is holding near $88,000 in a "defensive equilibrium" with cooling ETF inflows, uneven derivatives positioning and rising demand for downside protection, while ether lags and capital rotates toward hard assets like gold and silver.
Top Stories
