October 11, 2024
NETZ Pay is transforming commodity settlements in Latin America and Africa through cutting-edge blockchain solutions.
Over the years, commodity traders in Latin America and Africa have been using conventional models of trading commodities. These mediums include the services of online brokerages like eToro, XTB, and Ava Trade, which allow traders to trade commodity futures to make money online. Additionally, they use banking channels for the physical trade of commodities and follow the lethargic and expensive process of Letter of Credit (LC).
But, in the running era of technology, NETZ brings forward the idea of trading commodities, including metals and energies, following the concept of blockchain and smart contracts. On top of that, it offers minimal fees for its services, which is very low compared with other typical services in the industry, such as banks and brokerages.
This blog will discuss what makes NETZ Pay a Reliable Platform to Trade Commodities across Latin America and Africa.
NETZ Pay provides you with a payment solution to fulfill your commodity transaction at a minimal cost and in a secure manner to facilitate payments in a smooth way, STANDX works a smart contract-enabled escrow, which is decentralized and secure in nature. This means it contains information for buyers and sellers, and the deal is initiated when both buyers and sellers agree to all pre-defined conditions. In easy words, STANDX acts like an escrow between both parties.
Here are some of the undeniable pros of NETZ Pay:
In the conventional trade of commodities, traders use the banking system. The banking Letter of Credit system works as a financial contract between a bank, a bank’s customer (importer), and a beneficiary (exporter) in the buying and selling of commodities.
The conventional banking method of LC is somewhat sluggish and involves the interest of a third party without any reason. In addition, banks in Latin America and Africa charge almost 9–11% to execute this transaction.
On the contrary, now commodity traders can use NETZ Pay as the most dependable way of executing such commodity trading transactions while securing the interest of both involved parties with minimal fees ranging from 0.5–1%.
Following the traditional modes of trading commodities in the international market is a bit slower. In this era of technology, NETZ Pay harnesses blockchain technology allowing you to trade commodities in relatively less time than the conventional modes of transactions like banks and mediators.
In collaboration with StandX, NETZ Pay is a secure financial arrangement where a decentralized smart contract holds funds, or documents on behalf of two parties involved in a transaction until specific conditions are met. StandX is decentralized in nature, which means nobody can make changes or influence its operation in any way. It is automated and releases the funds only upon the fulfillment of predetermined contractual obligations.
The safety of NETZ Pay lies in its role as a protective shield against fraud, non-payment, and uncertainties in commodity transactions. NETZ Pay with StandX ensures that both buyers and sellers are safeguarded during high-value deals by holding funds until all goods are transferred, providing security and confidence to all parties involved.
In summary, NETZ Pay is a trustworthy platform changing how commodities are traded in Latin America and Africa. It uses advanced technology like blockchain and smart contracts to make trading cheaper, faster, and more secure than traditional methods like banks.
With low fees and quick settlements, NETZ Pay makes trading easier for everyone involved. StandX adds an extra layer of security, ensuring transactions happen smoothly and without risk. Overall, NETZ Pay is a game-changer for commodity trading in these regions, offering a reliable, cost-effective, and safe way to do business.