Canadian financial technology company Tradewind on Monday launched a digital platform for trading, settlement and ownership of physical gold on the blockchain. Named VaultChain deposits, it will provide clients with verification and storage of their gold registered through the Royal Canadian Mint.
Central to the system’s operation is the Royal Canadian Mint’s confirmation that it is in possession of the physical gold on the platform, recognizing the Tradewind blockchain as the official owner. The Mint also provides a contractual guarantee to deliver the physical gold to the network as required.
According to the press release, customers will access the market through a network of authorized dealers and will be able to own VaultChain gold in fractional quantities, in a segregated account or by walleting directly on the Tradewind blockchain. VaultChain Gold will not be subject to ongoing management and administrative fees associated with securities products like exchange-traded funds, Tradewind said.
Matt Trudeau, President and co-founder of Tradewind said, in the press release: “We believe that the ownership and trading of vaulted precious metals will go digital, and our open-architecture platform will lead this transformation allowing market participants to quickly and easily adapt. Gold and blockchain technology form a uniquely compelling marriage, and we created our platform to enable the gold market to respond to a number of systemic challenges and remove prior limitations.”
Among Tradewind’s investors are some highly regarded names in the precious metals sector and exchange technology, including IEX Group, precious metals asset manager Sprott, and gold producer Goldcorp.
Sandra Hanington, CEO of the Royal Canadian Mint commented, “The Royal Canadian Mint is pleased to have worked with Tradewind to combine our world-class vaulting services with their innovative technology solution aimed at digitizing and modernizing the physical precious metals trading market.”
For more information: https://tradewindmarkets.com/.