NEW YORK: Abaxx Technologies Inc, a financial technology startup founded by a former Goldman Sachs Group Inc commodity strategist, is raising fresh equity as it prepares to launch trading in commodities futures.
The Canadian company, which said it’s on the cusp of opening a new exchange and clearinghouse based in Singapore, will use the money to fund operations and growth.
The firm expects to handle its first trades in the next few weeks, chief executive officer Josh Crumb said.
Abaxx has previously received financial backing from BlackRock Inc and CBOE Global Markets Inc, among others, to fund the development of its technology and futures contracts for liquefied natural gas and nickel sulphate.
The company is also planning to introduce contracts to enable trading of carbon credits. — Bloomberg