Getting started
Introduction to Binkabi
Binkabi is a platform for issuing, trading and financing commodities on the blockchain. We are transforming agriculture commodity supply chain in emerging markets for the benefits of farmers, SMEs and other actors.

Our platform empowers farmers, aggregators and SMEs to sell in a more direct way and to obtain finance based on warehouse receipts and contracts. For buyers, quality and quantity are assured by depositing commodities at accredited warehouses/exchanges. For sellers, payment is assured by depositing/ obtaining finance at partner banks.

Comparing to other blockchain companies in the commodity trading and finance space, Binkabi offers an end-to-end solution for the entire trading process from sourcing to settlement and focuses on creating new opportunities in emerging markets.

Our platform is live.
Getting started
How it works
Tokenize Commodities
  • Depositor brings grains to Accredited Warehouse
  • Warehouse weighs, grades and packs grains
  • Warehouse receipts (commodity -backed tokens) are issued to Depositor
Trade on Blockchain
  • Sellers and Buyers post orders on Binkabi platform
  • Platform matches orders
  • Atomic swap of commodity-backed tokens for fiat-backed tokens
Redeem Commodities
  • Holder sends Redemption Request to Warehouse
  • Accredited Warehouse redeems commodities
  • Warehouse receipts cease to exist (commodity-backed tokens burnt)
Getting started
Before you start
Create a cryptographic wallet
Why?

Binkabi is a blockchain-based platform which requires each user to open their own cryptographic wallet and keep their private key safe.

Cryptographic wallet is where you keep all your digital assets like commodities and Naira on the blockchain.
What is private key
When you open a cryptographic wallet you will have a wallet address and a private key (as represented by more memorable seed phrase)

If we compare crypto wallet and email box then:

  • Wallet address is like your email address
  • Private key is like your password to get to email box

    How to create a cryptographic wallet?
    There are a lot of services but here we recommend the easiest one:

    1. Open your Chrome browser (if you don't have Chrome browser then you first need to install it here https://www.google.com/chrome/

    2. Install Metamask extension here https://metamask.io/

    3. Follow the steps, you will be asked to create a password to enter metamask wallet and note down you seed phrase.

    You are ready to go!
          What computer should you install it on?

          Each user should designate a computer to work with Binkabi platform. This is where your wallet will be stored. Note that if you create a wallet on another device then it will be a different wallet. So use the same computer every time (unless you import an existing wallet - more on that later).
          What other things I need to do?
          After you open a cryptographic wallet you need to have some ether balance (it is the currency in the Ethereum network, which Binkabi is run on) to pay for transaction fee when signing for transactions.

          Each user should have their bank account in test environment. We would like you to test with your test money first before using the real one.

          Once you have both cryptographic wallet and bank account we will run a session to help you register on our platform before testing transactions. You could also watch Binkabi tutorial videos to get you started.
          Getting started
          Register a new account
          Getting started
          Complete user profile
          Step 1: Complete your bio-data
          Upon login, you would be able to see the marketplace dashboard and just at the top right corner of the dashboard, you can click on your email. It will show a drop-down box (trade, wallet, profile and message centre). You need to click on profile so you can complete your profile (else you wouldn't be able to conduct any trade on the platform).

          When you click profile, it will take you to the dashboard below. The next thing to do is to click on profile and select either (individual member or business member), then you fill the boxes with your data.

          In the remaining part of the Profile page, you need to ensure to upload the required documents and click save. Then you have completed the first part of your profile.
          Step 2: Link Wallet address to Binkabi Platform
          The next thing to do is to copy your wallet address. The way to do that is to click on the wallet address above ETH balance, it will copy to clipboard directly. Then you can go back to Binkabi platform and paste it in the wallet address box as you can see below and click on "Link". You might need to use some test eth in the process of linking, we are available to provide this to you as soon as you're at this stage. During this process you need to make sure that your Metamask wallet is open/logged in. You also need to copy a secret code/one-time-password in the dialog box provided so our platform can authenticate you being the true owner of the wallet.
          Step 3: Link Bank account to Binkabi Platform
          At the moment, we have our platform integrated with a number of banks, so you need to have account with one of them (especially if you're a buyer on the platform). When you get your bank account, fill the details in the bank account column, then click on link to link your bank account. Please make sure the details match your bank account details: name and bank account number. Also to authenticate your true ownership of the bank account, you need to paste your current account balance in the 'Authentication' box provided. You can use any of the online/mobile banking service provided by your bank to get the current account balance.

          If you don't have account with any of our partner banks, you can open one by follow the link 'Click here'. This will ensure you have an account to trade immediately.

          Step 4: Register with Warehouse Provider
          The last step on the profile is the "Warehouse Account" and this is your registration with the Warehouse providers. I am currently registered with AFEX and this is easy to do. Just make sure to input the right data and click on "Register". Note that you only need to open a warehouse account if you are a seller and need to deposit commodities at one of our partner warehouses/commodity exchanges. If you simply buy commodity backed token with a view to resell (trading/market making) you need not open a warehouse account until the point where you need to redeem the commodity-backed token/warehouse receipts for physical commodity (more on that later).
          Trading
          Make a sell/buy order
          Trading
          Make a bid/offer
          Trading
          Trade execution