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- Tech company Security Matters (SMX) has entered a trading halt as it prepares to raise capital
- At the moment, it is uncertain how much the company is aiming to raise and where the funds will be spent
- Because it’s becoming even easier to create counterfeit goods nowadays, Security Matter wants to create tools that help manufacturers and consumers detect imitation goods
- Yesterday, Security Matters announced it’s working with two partners on a new tech product that connects manufacturers who want their end products to be reused
- More broadly, SXM and its partners hope this platform helps develop a circular economy where as much ‘waster material’ as possible is reused
- On the market, Security Matters last traded for 38 cents per share on November 11
Security Matters (SMX) has entered a trading halt as it prepares to raise capital.
It is currently unknown how much the company is aiming to raise and where the funds will be spent. In the meantime, company shares will be paused until Monday, November 16, or until more details about the raise are released.
Because it’s becoming even easier to create counterfeit goods nowadays, Security Matter wants to create tools that help manufacturers and consumers detect imitation goods.
To do this, it’s created a unique chemical barcode, which can mark objects invisibly — no matter if a solid, liquid or gaseous substance. That same barcode can help producers track their items while they’re on their way to consumers.
Yesterday, Security Matters announced it’s working with two partners on a new tech product. Essentially, the product is a platform where one company’s trash becomes another company’s treasure — a business can advertise its ‘waste material’ and hand it over to another business which could use the product in its own production cycle.
Ultimately, their goal is to create a platform where nothing goes to waste, contributing to an innovative system called a circular economy. This idea is the opposite of a linear model, where users take, make and waste materials. Instead, a circular economy aims to eliminate as much waste as possible and ensure the majority of resources are reused.
As a result, the new website will become an easy way for companies to make their waste into a reusable product, while allowing all businesses to buy, sell and communicate in a safe and secure way. Specifically, Security Matter’s role in the platform is to use its barcode technology to digitally record the resources linked to the platform.
“An increasing number of industries, from plastics to fashion and electronics, are acknowledging that the core challenge of climate change and protecting the environment is not only limited to carbon emissions or coal,” the company explained on Wednesday.
“It is about reusing products again, so we can reduce the amount of virgin materials we need,” it added.
On the market, Security Matters last traded for 38 cents per share on November 11.
