The Dubai Multi Commodities Center announced a new partnership with firm Comtec Gold to digitize gold trading, saying the tokenized precious metals will be backed by Tradeflow-registered gold bars, and that each tokenized gold bar will be “validated by a Tradeflow warrant”. Multi Commodities Center is considered as jurisdiction for trading of commodities. The DMCC is one of several core zones in the United Arab Emirates (UAE) such as the International Free Zone Authority (IFZA) and the Jebel Ali Free Zone Authority (JAFZA) and has announced the launch of Comtech Gold as a low-cost crypto coin blockchain network. will be molded. Xinfin is touted as an “enterprise-ready hybrid blockchain” that “combines public and private blockchains with interoperable smart contracts.”
According to the information, each token will represent gold bars that come with a Tradeflow warrant and Tradeflow is an online UAE-based commodity platform that adds additional security, transparency and schemes like real asset allocation.
Each CGO token is made of one gram .999 fine gold which is Sharia compliant and fully backed like physical gold, displayed by a unique ID number and certificate from the refiner. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, says that a tokenized world like CGO is essential for real-world assets. The CEO also added that the transparency and real-world need of crypto tokens within market events tells us that Tradeflow meets this need to enable trading of tokenized gold bullion backed by warrants.
The Comtec Gold Token (CGO) joins the already existing gold-backed tokens.
The Perth Mint has also issued gold tokens and the PMGT market capitalization is approximately $2.16 million. Precious metals firm and media company Kitco has an ERC20 gold token called Kitco Gold (KGLD), but the project hasn’t been heavily lobbied since its announcement.
The Dubai Multi Commodities Center will issue gold-backed tokens through the Xinfin blockchain protocol.
By Crypto Team