Home » A former UN chief of commodities has joined the advisory board of Zengate Global.

A former UN chief of commodities has joined the advisory board of Zengate Global.

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.

by V. Sinclair
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Lamon Rutten has been appointed as an Advisor by zenGate Global, a major step in enhancing their knowledge. Mr. Rutten’s arrival to the zenGate team, along with his impressive nearly forty-year career in the commodities industry, is a significant milestone in the company’s development of the Palmyra Platform, a next-generation global commodity exchange.

Renowned in the commodities industry, Mr. Rutten has a long list of accomplishments, including managing the founding of some of the biggest commodities exchanges globally. At the Multi Commodities Exchange of India (MCX), one of the leading global commodities exchanges, he has held the esteemed positions of CEO and Managing Director. In 2012, he guided the business through a fruitful IPO as well. In addition, he held positions as CEO of the Indonesia Commodities and Derivatives Exchange (ICDX), manager of policies, markets, and ICTs at the Technical Centre for Agricultural and Rural Cooperation ACP-EU (CTA), and Chief of Commodity Risk Management and Information for the United Nations.

In order to further advance the growth of the Palmyra Platform, a cutting-edge commodities exchange, Mr. Rutten has now joined zenGate Global. His work include scaling the exchange, managing legal environments, and organizing crucial areas—all essential to zenGate’s goal of revolutionizing international commodities trading.

The Palmyra Platform seeks to offer cutting-edge technology solutions, including tokenization, traceability, and on-chain credentials, with an emphasis on enabling underdeveloped nations. A wide range of stakeholders, including primary producers, purchasers, dealers, financiers, and regulators, will profit from these solutions. With Mr. Rutten’s experience playing a key role, this project promises to remove entry barriers and propel these businesses into an era of digital revolution.

The CEO of zenGate, Daniel Friedman, was excited to welcome Mr. Rutten to the company: “We are really excited to have him join the zenGate team. His distinguished background and vast experience will be crucial in helping to scale the Palmyra Platform and achieve our shared goal of creating a commodities market of the future generation.”

“I have been part of the journey of exchanges from traditional platforms to tech-driven entities,” Mr. Rutten said, discussing his new position. Right now, zenGate is completely redesigning the infrastructure for commodity trading. I’m excited to work with the zenGate team because they have a far deeper understanding of contemporary technology than I do. Their idea of using this technology to tackle the problems in commodity supply chains is exactly in line with my background and future goals.

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

Leading technology startup zenGate Global is developing the Palmyra Platform, a novel approach that will drive the upcoming wave of international commodity exchanges.

zenGate is committed to providing solutions that promote direct connections and aid in the expansion of emerging markets, and it does so with an emphasis on efficiency, sustainability, and transparency. By being a trailblazer, zenGate is establishing new benchmarks for how companies communicate and grow in the digital world.

Palmyra Platform

The Palmyra Platform targets commodities in emerging markets, a trillion-dollar opportunity, and is powered by blockchain and other, cutting-edge technologies. Launching the Palmyra Platform in 2023 with Sri Lanka as the lead jurisdiction was the company’s maiden project. Currently, the group is integrating producers from Indonesia, Kenya, Greece, Turkey, and additional regions.

By constructing infrastructure that facilitates access and connectivity amongst participants in international supply chains, Palmyra hopes to enhance the value of the current commodity markets. This especially focuses on how huge regulatory and trade agencies create market frameworks, as well as how micro, small, and medium-sized firms (MSMEs) transact among themselves.

Significant yet technologically underserved commodities trading markets offer a great opportunity to develop spot and futures markets. Serving these sectors is the goal via Palmyra, to accelerate these actors via an aggregate solution which streamlines existing processes while introducing innovative blockchain solutions.

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