Digital gold platform SafeGold has announced signing a memorandum of understanding (MoU) with Dubai Multi Commodities Centre (DMCC). According to the company, the move was in line with its vision of digitising gold investment and enabling a digital ecosystem to flourish within the Middle East and North Africa (MENA) region’s $20 billion gold market, it claimed.
The UAE is the ideal hub for building a global digital gold platform and SafeGold sees great potential in the UAE’s technology and commodity ecosystem considering the nation has a strong affinity towards gold, Gaurav Mathur, founder and managing director (MD), SafeGold, said. “With DMCC’s regional leadership and world-class infrastructure, we look forward to making the UAE a hub for gold investors across the region and accelerating the digital gold ecosystem in the UAE,” he added.
According to company claims, SafeGold’s proprietary technology and DMCC’s leadership in the commodities and crypto-technology space will create an ecosystem for gold-backed digital certificates, initially in the UAE and subsequently across the entire MENA region. Gold bars will be physically stored in secure vaults, and verified by warrants issued on DMCC’s Trade-flow platform. The digital certificates that are backed by gold can then be traded on SafeGold’s platform, providing investors with greater levels of transparency and confidence, it further asserted.
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