Report Wire - SecureGold companions DMCC to make use of gold-backed digital belongings

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SecureGold companions DMCC to make use of gold-backed digital belongings

2 min read
SafeGold partners DMCC to use gold-backed digital assets (File Photo)

NEW DELHI: SecureGold, a digital gold platform, has signed an MoU with Dubai Multi Commodities Centre (DMCC), to advance SecureGold’s imaginative and prescient of digitising gold funding and enabling a digital ecosystem to flourish within the Middle East and North Africa area’s $20 billion gold market.

With SecureGold’s proprietary expertise and DMCC’s management in commodities and crypto-technology house, the partnership will create an ecosystem for gold-backed digital certificates, initially within the UAE and subsequently throughout your entire MENA area.

Gaurav Mathur, founder and managing director, SecureGold, mentioned, “The UAE is the perfect hub for constructing a worldwide digital gold platform. At SecureGold, we see huge potential within the UAE’s expertise and commodity ecosystem contemplating the nation’s robust affinity in the direction of gold. With DMCC’s regional management and world-class infrastructure, and SecureGold’s digital prowess, we sit up for making the UAE a hub for gold traders throughout the area and accelerating the digital gold ecosystem within the UAE.”

Gold bars will be physically stored in secure vaults, and verified by warrants issued on DMCC’s Tradeflow platform, a transparent central registry of ownership for gold and commodities stored in UAE facilities. The digital certificates that are backed by gold can then be traded on SafeGold’s platform, providing investors with greater levels of transparency and confidence.

Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, said, “Given the increased ease of trading digital assets, especially in gold and precious metals, our collaboration with SafeGold is a vital step towards consolidating an ecosystem for digital gold at the global level. Partnerships built on trust and transparency are vital in serving the entire gold industry, and DMCC is perfectly positioned to drive these efforts given our extensive knowledge in gold, world-class infrastructure across the entire gold value chain and ongoing work in blockchain and web3 sectors.”

The UAE is the pre-eminent monetary providers, expertise, and gold hub within the MENA area. Gold is a high-growth business within the UAE; based on the World Gold Council, UAE gold consumption surged by 57 % in 2021.

SecureGold’s state-of-the-art expertise platform presents a digital answer to every side of the gold ecosystem. The SecureGold platform provides a strategic air to an asset that’s sometimes both saved, worn or gifted. As an instance, SecureGold not too long ago launched Gains – the world’s first gold leasing platform. The platform mobilizes idle gold sitting in vaults by leasing it to jewellers and changing it into an income-generating asset.

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