Pure gold, an early stage Australian technology company, has created a digital platform and the company will integrate into the existing gold supply chain because it aims to provide greater market efficiency through borderless trading and faster settlement, and significantly reduce the slow manual processes that current existing. Meld Gold has partnered with Algorand to create a decentralized industrial gold token.
Michael Cotton, Director, Meld Gold explained, “This brings transparency to the gold market for the first time by directly connecting buyers and sellers on digital platforms. At present the gold market provides limited access and little visibility into its supply chain, which makes trading time-consuming, expensive and inefficient. “
Investors and consumers will be able to transact in physical gold and digital gold using a global network of gold partners and suppliers.
“Algorand’s blockchain technology is designed to enable efficient and transparent transactions across different asset classes, maximizing value for everyone involved,” said Steve Kokinos, CEO, Algorand. “Working with Meld, we help modernize the gold industry and bring innovation that connects the physical and virtual world.”
After considering other blockchain platforms, Meld Gold chose Algorand as the most suitable one to connect all components of the gold market such as bringing suppliers, dealers, and buyers directly to where they want to trade assets. Algorand has supported the case of the use of asset tokenisation, such as digital currencies which the first country supported with Marshall Island, A hybrid IPO for World Chess, and fiat currency transactions for Monerium.
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