Cointime

  • BTC $17222.34 -0.09 %
  • ETH $1281.09 -0.23 %
  • BCH $111.70 0.00 %
  • SOL $13.73 -0.07 %
  • XRP $0.39 -0.23 %
  • BNB $289.80 -0.14 %

DMCC Digitises Gold Trading Through Tokenisation of Comtech Gold Bullion

1 min read Original Link

Dubai Multi Commodities Centre (DMCC) has announced a partnership with Comtech Gold to digitise the trading of gold by tokenising the precious metal backed by physical gold bars registered on DMCC Tradeflow.

DMCC Tradeflow is an online platform for registering the ownership of commodities stored in UAE facilities. Comtech Gold Tokens (CGO) will be created on the XinFin Protocol (XDC) blockchain network based on the deposit of physical gold bars located in DMCC-approved vaults.

Each gold bar will be backed by a Tradeflow warrant, meaning that the increased ease of trading a tokenised asset is combined with the additional security, transparency, and real-asset allocation provided by the Tradeflow warrant.

With each token representing one gram of gold, investors and traders will be able to buy as little as one gram, democratising the asset class by making it more accessible. The tokens are Shariah compliant and fully backed by physical gold in the form of 1kg gold bars of 999.9 purity from globally-renowned brands. In line with international best practices for transparency in the precious metals sector, each bar will feature unique ID numbers and certificates direct from the refiners.

All Comments