ASK Group and Keeta to Tokenize Gulf Commodities by 2027
- ASK Group and Keeta plan to tokenize physical Gulf commodities onto a public exchange by 2027.
- Keeta’s Layer1 blockchain can process up to 11.2 million transactions per second.
- The platform will convert assets like oil, gold, silver, and copper into digital tokens backed by audited reserves.
- Investors can purchase fractions of commodities with settlement times of just under half a second.
- The initiative aims to modernize cross-border remittances in the Middle East, especially the UAE-India corridor worth $20 billion annually.
The joint venture between UAE’s ASK Group and U.S.-based Keeta seeks to democratize asset ownership by tokenizing Gulf commodities for global investors. This move is expected to enhance transaction efficiency and transparency in the commodity market.
By leveraging Keeta’s high-speed blockchain technology, the partnership aims to streamline asset transactions and remittances across the MEA region and India, potentially transforming how real-world assets are traded globally. (Source)
