DMCC Partners With Comtech Gold To Digitize The Trading Of Gold
ComTech Gold and Dubai Multi Commodities Centre (DMCC) have teamed to make it possible to trade real gold bars on the blockchain.
DMCC is the name of the largest free-trade zone in the United Arab Emirates. The DMCC created Tradeflow as an online tool to track the provenance of tangible products kept in its UAE vaults. Additionally, Tradeflow will provide details on these gold bar deposits.
According to an announcement, ComTech will deliver genuine gold bars to vaults that have received DMCC approval.
ComTech Gold Tokens, or CGO, will be created on the XDC blockchain network, where the actual tokenization will take place. One gram of gold will be represented by each CGO that is kept in a DMCC vault. For further security and transparency, a Tradeflow warrant will be included with each gold bar deposit.
Investors and traders will be able to purchase as little as one gram of gold per token, democratizing the asset class by increasing its availability.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, stated:
“Recent market events have highlighted the need for greater transparency and crypto tokens backed by underlying, real-world assets. Our partnership with Comtech Gold to enable the trade of tokenised gold bullion backed by DMCC Tradeflow warrants addresses this need head-on.”
Since its 2012 launch, Tradeflow has expanded to offer a variety of online services with a focus on facilitating solutions for Islamic finance as well as financing for jewelry and collateral.
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