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Cardano Partners With zenGate To Bring NFTs To Sri Lanka’s Tea Factory – Will It Drive ADA To $5?

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  • Cardano partners with zenGate to provide blockchain-based solutions.
  • The partnership will help the Sir Lanka factory owners retain control.

Cardano has partnered with leading blockchain technology company zenGate Global to bring commercial solutions to the tea market in Sri Lanka. Yesterday, zenGate signed a memorandum of understanding (MoU) with the Sri Lanka Tea Factory Owners’ Association to provide the market with blockchain-based solutions.

zenGate will use its Palmyra ComDEX flagship product which focuses on tokenizing eligible commodities for trading on futures and spot markets across the world. Palmyra ComDEX creates these tokens for trading among businesses and provides a platform where all related stakeholders can easily connect. 

Through zenGATE, the Sri Lankan tea market will be available on the blockchain via Cardano and Ergo. Palmyra will enable tea manufacturers and marketers in Sri Lanka to access affordable enterprise-grade solutions to shore up their businesses. These solutions will also assist business people with finding and sealing leakages in their supply chains to improve their profits.

Speaking during a launch event in Sri Lanka’s capital city of Colombo, zenGATE CEO Daniel Friedman assured intending partners that the entire process would ensure that factory owners retain control. Discussing control and autonomy, Friedman said:

“The magic of the system that we build and engineer is that everybody has a say no matter where they come from or who they are, and everybody has a seat at the table and [is]able to decide the trajectory of their life and to keep the fruits of their labors.”

Palmyra will also give tea farmers access to credit through decentralized finance (DeFi). The collateralized assets tradable on the blockchain will broaden the average factory owner’s reach and also serve as collateral for credit funding. Most of all, the team market will be able to directly sell their products to customers around the globe.

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