Dublin, Ireland, Feb. 01, 2024 (GLOBE NEWSWIRE) — In a significant move to bolster their expertise, zenGate Global has announced the appointment of Lamon Rutten as an Advisor. With a remarkable career spanning almost four decades in the commodities sector, Mr. Rutten’s addition to the zenGate team marks a pivotal step in the company’s journey towards building the Palmyra Platform, a next generation global commodity exchange.
Mr. Rutten, a renowned figure in the commodities world, has a storied history of achievements, including overseeing the creation of some of the world’s largest commodities exchanges. He has held the prestigious position of CEO and Managing Director at the Multi Commodities Exchange of India (MCX), a top global commodities exchange. He also led the company through a successful IPO in 2012. His experience also includes serving as Chief of Commodity Risk Management and Information for the United Nations, he served as manager, policies, markets and ICTs at Technical Centre for Agricultural and Rural Cooperation ACP-EU (CTA), as well as the CEO of the Indonesia Commodities and Derivatives Exchange (ICDX).
Now Mr. Rutten joins zenGate Global to enhance the development of the Palmyra Platform, a pioneering commodities exchange. His role involves navigating regulatory landscapes, scaling the exchange, and structuring critical areas, all integral to zenGate’s mission to revolutionize global commodities trading.
With a focus on empowering emerging economies, the Palmyra Platform aims to provide advanced technological solutions, such as tokenization, traceability and on-chain certificates. These solutions will benefit a broad range of stakeholders from primary producers, buyers, traders, financiers and regulators. This initiative promises to lower barriers to entry and leapfrog these markets into an era of digital transformation, with Mr. Rutten’s expertise playing a crucial role.
Daniel Friedman, CEO of zenGate, expressed his enthusiasm about Mr. Rutten’s joining: “We are absolutely thrilled to welcome Mr. Rutten to the zenGate team. His illustrious career and wealth of experience will be instrumental in scaling the Palmyra Platform to realize our combined vision of a next-generation commodities exchange.”
Speaking on his new role, Mr. Rutten shared, “I have been part of the journey of exchanges from traditional platforms to tech-driven entities. zenGate is now reimagining commodity exchange infrastructure from the ground up. I am thrilled to join forces with zenGate’s team, whose deep understanding of modern technology surpasses my own. Their vision for applying this technology to address the challenges in commodity supply chains aligns perfectly with my experience and aspirations for the future of this industry.”
The successful onboarding of Mr. Rutten is a testament to zenGate’s diligence and commitment to creating a cutting-edge platform that will redefine commodities trading for the modern era.
About zenGate Global
zenGate Global is a leading technology company building the Palmyra Platform, a new innovative solution that will power the next generation of global commodity exchanges.
With a commitment to transparency, efficiency, and sustainability, zenGate is dedicated to creating solutions that foster direct connections and facilitate growth in emerging markets. Through its pioneering efforts, zenGate is setting new standards for how businesses interact and thrive in the digital age.
Palmyra Platform
The Palmyra Platform, powered by blockchain and new innovative technologies, targets commodities in emerging markets; a trillion-dollar opportunity. The company’s first initiative was launching the Palmyra Platform in 2023, onboarding Sri Lanka as the pioneer jurisdiction. The team is now in the process of onboarding producers from Indonesia, Kenya, Greece, Turkey and other jurisdictions.
Palmyra aims to add value to existing commodity markets by building infrastructure to provide access and connectivity between stakeholders across global supply chains. This focuses specifically on micro, small and medium enterprises (MSMEs) transacting among themselves, to large regulatory and trade bodies creating market frameworks.
There is a tremendous opportunity to create spot and futures markets in significant, but technologically underserved commodity trading markets. The aim is to serve these segments via Palmyra, to accelerate these actors via an aggregate solution which streamlines existing processes while introducing innovative blockchain solutions.
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