Dubai Multi Commodities Centre (DMCC), the UAE-based free trade zone and commodities exchange, has announced a plan to digitise gold trading.
The exchange has partnered with local fintech Comtech Gold to produce digital security tokens backed by physical gold bars and registered on DMCC’s online platform Tradeflow.
The Comtech Gold Tokens will be created on XinFin Protocol blockchain network.
Tokenisation has been heralded in numerous quarters as a means to bring more liquidity and efficiency to the trading of real as
“Recent market events have highlighted the need for greater transparency and crypto tokens backed by underlying, real-world assets,” said Ahmed Bin Sulayem, DMCC executive chairman and chief executive.
“DMCC firmly believes that blockchain solutions will drive long-term growth in global trade across industries and asset classes, and this latest announcement is another testament to this core belief,” he added.
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