“The commodities market is a well-functioning industry, however not all commodities have the same access. Palmyra aims to resolve this” — Dan Friedman
zenGate Global is an established company launched in 2022 with the goal of increasing opportunities for businesses in underserved industries and commodity markets. Beyond that, zenGate is developing commercial solutions for governments as well as businesses all around the world by leveraging blockchain technology.
zenGate Global’s flagship product is the Palmyra Platform. At the core, Palmyra will provide an online B2B platform for buyers and sellers. Their platform will increase supply-chain transparency and provide an opportunity for businesses to participate globally and leapfrog into the future by utilizing blockchain technology and tokenization of real-life assets.
Do you wonder how?
Let us begin by introducing zenGate Global’s flagship product, Palmyra.
What is Palmyra?
“IMPROVING ACCESS IN THE COMMODITIES SECTOR THROUGH PALMYRA”
The main and basic product of zenGate; Palmyra. Palmyra is an innovative solution which enables businesses all around the world to tokenize, trade, and list certified commodities for spot and futures trading.
Through Palmyra, stakeholders across the value chain will be fully connected, leading to a cheaper, transparent, and easily accessible business solution for its users.
The functionality — What does Palmyra offer?
- Tokenized Commodities Trading Platform: A next-generation B2B platform for buying and selling commodities.
- Asset Tokenization: Tokenization of commodities powered by NFTs — enabling holders benefits from atomic settlements to traceability.
- Supply-Chain DeFi: Access to credit by leveraging collateralised assets and decentralized finance.
- Traceability: Users can leverage embedded traceability, enabling the ability to track movements along the value-chain.
- Brand Identity: Ensuring sellers and buyers are exchanging products whilst retaining brand identity and origin.
- Supply Chain Solutions: Providing embedded traceability, transparency and authentication solutions across global supply chains.
The Problem — Market Gaps and Opportunity
“ADDRESSING MARKET GAPS THROUGH TECHNOLOGY”
Palmyra focuses on new markets that are ripe with potential and what we define as “underserved.”. These markets in total are worth over $1 trillion USD in global export value. The opportunity comes from technologically underserved markets and industries, which include a combination of agricultural commodities like soybeans, rice, and tea, as well as non-agricultural commodities like gold, precious jewels and stones.
Palmyra’s strategy for choosing markets is based on careful research. They found the best markets by looking where technology isn’t advanced much, but trading is very active. They use a tool called the Digital Adoption Index from the World Bank, focusing on markets worth at least $1 billion USD.
In summary, the opportunity exceeds $1 trillion USD by export value, and is represented by 100+ individual export markets in 40+ countries.
Other Market Gaps:
The majority of businesses face blind spots in their supply chains — these gaps were shocked during recent world events from the pandemic to the war. Many businesses around the world who are critical to these supply chains are still underserved with affordable and quality technologies.
The Solution — Palmyra
“AFFORDABLE, ACCESSIBLE AND TRANSPARENT”
The answer is Palmyra, a new advanced marketplace for trading tokenized physical commodities. It solves various challenges faced by everyone involved, from producers to buyers and regulators.
While adapting existing processes and structures, Palmyra offers additional innovative and functionalities such as supply chain traceability, verified certifications and credentials. In the future, the platform looks to add additional functionalities such as risk management, and financial tools to improve the growth, planning and accessibility of those industries, markets and businesses.
Their mission is to empower businesses in technology underserved commodity markets, facilitating their step into the future, into the world of blockchain technology.
The Strategy — Plan and Execution
Palmyra’s strategy revolves around 4 foundational levers:
- Identify target opportunities
- Sign partnerships with leading players in the market
- Execute pilot programs (in the future these will get shorter)
- Grow the user-base (cross-regionally and cross-industrially)
This strategy has had success to date, with partnerships signed in Sri Lanka with onboarding already taking place. We will formalize this blueprint and look to execute it in new jurisdictions and markets to grow Palmyra’s user base.
With the product and business model developed and ultimately proven out via pilot programs, the next step would be to expand the user base by beginning to pursue other segments within the $1t+ market, which would happen via expansion into other industries and regions.
The Palmyra Ecosystem — Target Groups
zenGate is building an ecosystem of solutions that are catered and tailored for a wide set of customers that are part of global supply chains.
- Producers: Powering micro, small and medium enterprises (MSMEs) with affordable technology to sell their products on a global marketplace.
- Buyers: Businesses looking to buy quality-assured and transparent products on the global market from reputable producers.
- Government Bodies: Government bodies looking to partner and support the use of innovative technologies to promote greater economic activity.
- Distribution and Finance Partners: Solutions tailored for key supply chain stakeholders from shipping partners, port authorities and financial institutions.
- Community: providing valuable feedback, advocating for inclusivity, and contributing to grass-roots business development, education and onboarding efforts.
Role of the Palmyra Token Economy?
While the fundamental revenue model is focused around transaction fees and value-added services, the zenGate platform will interact with the Palmyra token in a different manner that they believe will offer them a competitive advantage over typical platforms.
This can be shown in a few ways:
- Increased customer retention: through a rebate system the zenGate team will encourage businesses to continue transacting with Palmyra and claim rebates against usage of the platform.
- Reduced customer acquisition costs: a grants system will incentivize the community to help onboard users onto Palmyra — a novel decentralized business development model.
Increased trust and accuracy around data quality: through blockchain technology they can leverage their traceability modules to improve trust assumptions. This ultimately looks to remove issues such as ‘ghost lots’ that traditional markets face.
Final remarks and IDO details
We are excited to be a part of this token launch, and look forward to helping zenGate Global fund their development and launch the full version of the Palmyra Platform.
Now what? How can I participate in the zenGate IDO?
Thank you for reading this article. Stay tuned for upcoming instructions and guides, providing further information and step-by-step details on how to qualify for the IDO and what the process will look like. Make sure to follow us on our social media channels to stay updated with the latest announcements.
For more information, you can read the Palmyra project page on ErgoPad, which will include the project team, socials and the IDO roadmap (including all relevant dates).
We sincerely thank each and every member of our community for their support. We will continue to update you on the IDO process through our socials.
Thanks for reading, and see you next time.
The ErgoPad Team