| Customers: Royal mint of Great Britain (Royal Mint) Government and social institutions Product: Projects based on blockchain technologyProject date: 2017/04
|
In April, 2017 it became known of creation of a blockchain platform for trade in gold. The joint project is implemented by Royal mint of Great Britain (Royal Mint) and one of the world's largest option and futures exchanges of CME Group.
In April, 2017 Royal Mint began to test the instrument of digital trade in gold developed in CME Group on the basis of a blockchain. The digital tokens of Royal Mint Gold (RMG) which are completely provided with gold from storages of mint are for this purpose released. RMG is a digital equivalent of 1 gram of gold. At the first stage digital tokens for the amount of $1 billion will be released.
New service is intended to replace traditional methods of purchase and storage of gold, using economic and safe means. The blockchain platform will write and store all transactions performed through RMG.
 | The trade platform developed together with CME Group will meet customer requirements which want to see faster, cheap and reliable methods of purchase, storages and sales of gold, and will add a line of already existing products — the chief financial officer of Royal mint Vin Wijeratne said. |  |
The marketplace for tokens of RMG in CME was created in partnership with the BitGo and AlphaPoint companies specializing in development of blockchain technologies. The president and the operating officer of AlphaPoint Igor Telyatnikov gave to Reuters the following comment on the occasion of the beginning of testing of the online platform for trade in gold:
| | By means of a blockchain the high level of control and audit which is necessary to the participants of transactions obtaining permanent data on assets and their storage and also on structure of owners is implemented. | |
By April, 2017 the blkocheyn-platform for trade in gold is tested by group of "large financial institutions", and the commercial project startup will take place until the end of the year, reported in CME Group.[1]
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |