Middle East

Dubai’s DMCC Digitizes Gold Trading

Dubai’s DMCC partnered with ComTech Gold to digitize gold trading by tokenizing precious metals backed by physical gold bars registered in DMCC Tradeflow.

Launched in 2012, DMCC Tradeflow is an online platform for registering ownership of goods stored in UAE premises. We offer a variety of online services specifically designed to facilitate the provision of secured financing, jewelry financing, and Islamic financial solutions.

Commtech Gold Token (CGO) will be created on the XinFin Protocol (XDC) blockchain network based on deposits of physical gold bars in DMCC-approved vaults, according to a report issued by the Dubai Media Office. will be

Each gold bar is backed by a Tradeflow warrant. In other words, the ease of trading tokenized assets is combined with the additional security, transparency, and allocation of real assets provided by Tradeflow Warrants.

With each token representing 1 gram of gold, investors and traders can buy as little as 1 gram, democratizing the asset class by making it more accessible.

The tokens are Shariah compliant and fully backed with physical gold in the form of 1 kilogram gold bars with a purity of 999.9 from world renowned brands.

In line with international best practices for transparency in the precious metals sector, each bar is marked with a unique identification number and certificate issued directly by the refiner.

DMCC Chairman and CEO Ahmed Bin Sulayem said: His partnership with ComTech Gold, which enables the trading of tokenized gold bullion backed by DMCC Tradeflow warrants, addresses this need head-on. DMCC firmly believes that blockchain solutions will drive the long-term growth of global trade across industries and asset classes, and this latest announcement is yet another testament to this core belief. ”

ComTech Gold CEO Navin D’Souza said: Tradeflow Warrants add the security, control, and transparency needed to build investor trust and confidence to Gold Tokens. This, together with Sharia certification, makes Commtech Gold Token (CGO) an ideal and robust product developed on blockchain technology for regional and international investors. ”

This partnership adds to Tradeflow’s list of Shariah-compliant products, given that the token is backed by physical assets. Tradeflow has registered more than 67,000 Islamic financial transactions in the first half of 2022, reaching a total of Dhs 746 billion. This represents the highest six-month volume ever recorded on the platform.

https://gulfbusiness.com/dubais-dmcc-digitises-gold-trading-in-partnership-with-comtech-gold/ Dubai’s DMCC Digitizes Gold Trading

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