NEW YORK, Oct. 9, 2018 /PRNewswire/ — Ideanomics (formerly: Seven Stars Cloud Group, Inc.) (NASDAQ: SSC) (“Ideanomics” or the “Company”), a leading global fintech and asset digitization services company is please to announce it has entered into a joint venture agreement with TPJ Ltd, to create Ideanomics Resources LTD a U.K. company based in London. The 75% Ideanomics owned joint venture has been created to unlock value in the commodities and energy sectors by leveraging and utilizing the Ideanomics Platform-as-a-Service (PaaS) solutions, a suite of strong multi-layer fintech technologies leveraging blockchain and artificial intelligence. Ideanomics Resources will initially focus its efforts in Africa and Middle East where it has significant long-term relationships.
“We will use blockchain technology to improve transparency and eliminate corruption in Africa’s commodity markets. Digitizing asset production and distribution could help the continent to lead just as it has with mobile money worldwide,” Dr Bruno Wu, co-CEO and Chairman of Ideanomics, told entrepreneurs and investors at an event hosted at Africa House collective in New York, during the United Nations General Assembly week in September 2018.
The joint venture will be responsible for setting up a commodity and energy digital asset exchange, which will leverage Ideanomics Platform-as-a-Service (PaaS) solutions. These solutions will includes our pricing model, with super artificial intelligence for indexing & futures pricing, the tokenization of assets, including mining, oil and gas assets projects, and the processing and settlement services for supply chain finance using our blockchain and smart contract settlement technology.
“We are delighted to join the Ideanomics team. London is an important hub for the group and the sector. We are focused and determined on opening up the benefits of AI and blockchain applications to the public and private sector, both in traditional markets such as Europe, and emerging markets such as Africa. We have the digital capability to bridge continents and place emerging states onto the global economic map. This is an exciting moment in the digital renaissance as the world moves rapidly forward into new ways to increase efficiency, performance and transparency in the way that it trades,” said Jason McCue LLD, Director of Ideanomics Resources LTD