DMCC to Set up Blockchain-Enabled Precious Metals Refinery in 2022
A gold refinery with a blockchain network? Dubai is pushing the boundaries of innovation in the crypto-sphere.
In 2022, the Dubai Multi Commodities Centre (DMCC) will have the worlds-first gold & precious metals refinery that trades and tracks their commodities using a blockchain network. The ‘Gold Exchange DMCC’, a trading platform, is looking to tokenize the metals and sell the crypto-tokens to potential buyers, valuing each token at 1g of the corresponding precious metal. Customers can then purchase and trade these tokens with full confidence that their investment is secured by a physical asset, stored safely in the DMCC secure storage facility.
The move, which is expected to be the future of commodity trading, is predicted to be standard practice in the industry by 2025 and Dubai is leading the way, as it so often does.
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