Sparta Commercial Services Announces that Its Agoge Global USA Subsidiary Processes First Transactions on Its Innovative Blockchain-Based Import/Export Platform
Rhea-AI Summary
Sparta Commercial Services (OTC PINK:SRCO) announces the launch of EZBroker 360, an innovative blockchain-based import/export platform developed by its subsidiary Agoge Global USA in partnership with Brazilian software developer WeDev Group. The platform aims to simplify international trade with Brazil by:
1. Reducing payment transaction times from days to hours
2. Decreasing costs through stablecoin and blockchain technology
3. Offering staged financing for freightage, taxation, and compliance
4. Implementing industry-standard AML/KYC procedures
This solution addresses major challenges in the Brazilian market, potentially unlocking rapid growth in its $590 billion import/export sector. The platform is now live and processing transactions for both U.S. and Brazilian businesses, marking a significant milestone after substantial investment in development and testing.
Positive
- Launch of EZBroker 360 platform, potentially expanding Sparta's market reach in Brazil
- Reduction of payment transaction times from days to hours, improving efficiency
- Decrease in transaction costs through blockchain technology
- Offering of staged financing for various trade-related expenses
- Platform now live and processing transactions for U.S. and Brazilian businesses
Negative
- Significant investment of time and resources in platform development
- Potential regulatory challenges in cross-border transactions and compliance
News Market Reaction 1 Alert
On the day this news was published, SRCO gained 0.66%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Partnership with Brazilian Software Developer WeDev reduces payment transaction times from days to hours for Global importers to Brazil and for Brazilian exporters
Solves Significant Bottleneck currently limiting International Trade by offering staged financing for freightage, taxation, and compliance
NEW YORK, NY / ACCESSWIRE / August 1, 2024 / NEW YORK, NY / ACCESSWIRE / August 1, 2024 / Sparta Commercial Services, Inc. (OTC PINK:SRCO) ("Sparta" or "The Company") announces that its subsidiary Agoge Global USA, Inc. ("Agoge USA"), in partnership with WeDev Group Ltda. ("WeDev" or "WeDev Group") has launched its new integrated Blockchain-based platform, EZBroker 360, that significantly improves and simplifies the ability of businesses to conduct international trade in the Brazilian market.
The new platform is the product of a joint venture with WeDev, a Brazilian innovator in software and blockchain development. The platform utilizes stablecoins and blockchain technology to decrease costs and improve the speed of these international transactions. After a significant investment of time and resources, Agoge is pleased that the platform is now live and is processing transactions for both U.S and Brazilian based businesses.
"Brazil offers tremendous potential as an import/export market, but slow payment settlements and currency risk have made it a challenging market," said Anthony Havens, CEO at Sparta. "By combining our existing platforms, expertise and networks, Agoge USA and WeDev have created an import/export platform, with industry standard AML/KYC compliance procedures in place, that solves the problems of slow payment transaction times and the high costs that are limiting trade in Brazil. In addition to these two large impediments, our technology also mitigates many other risk factors facing importers and exporters making it much simpler and more efficient to do business with Brazil."
Despite being the largest economy in Latin America and the ninth largest in the world, the country is only the 26th largest importer and exporter. It is believed that under more ideal circumstances, the Brazilian import/export market could experience rapid growth and greatly exceed its estimated current
"We're thrilled to announce that our new import-export product has overcome significant hurdles, not in the realm of technology, but in the complex areas of tax, compliance across multiple jurisdictions and stringent regulations from central banks and tax authorities," said Eduardo Ribeiro, WeDev Group CEO. "After extensive pilots and rigorous testing of various blockchain infrastructures, we have developed a robust model that promises the scalability required to serve importers and exporters effectively. This innovation will reduce friction and provide greater predictability in cash flow, enhancing negotiations with suppliers and customers."
Corporate customers have already begun using the platform, which offers a full suite of products for importers and exporters, including staged financing for freightage, taxation, and compliance.
About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. (www.spartacommercial.com) was founded in 2004 and is the parent company of three subsidiaries in addition to Agoge Global USA, Inc.: iMobile Solutions, Inc., New World Health Brands, Inc., and Sparta Crypto, Inc., offering a variety of products and services.
Agoge Global USA, Inc. is a newly formed subsidiary of Sparta Commercial Services, Inc. for the Brazilian partnership in facilitating the cross-border payments for the Brazilian import/export business.
About WeDev Group Ltda.
WeDev Group Ltda. is a Brazilian innovator focused on the disruption of traditional standards by fostering innovation and growth through new business models capable of transforming the way the world works.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today, and we disclaim any obligation to update this information. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, possible fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov.
Company Contact:
Sandra L. Ahman
Corporate Secretary
Sparta Commercial Services, Inc.
sandy@spartacommercial.com
SOURCE: Sparta Commercial Services, Inc.
View the original press release on accesswire.com
FAQ
What is EZBroker 360 and how does it benefit international trade with Brazil?
How does the EZBroker 360 platform reduce transaction times for import/export with Brazil?
What specific financing options does Sparta's (SRCO) new platform offer for import/export businesses?
When did Sparta Commercial Services (SRCO) launch its new blockchain-based import/export platform?
