DMCC, Safegold collaborate to use gold-backed digital assets to disrupt Middle East’s gold industry

DMCC, Safegold collaborate to use gold-backed digital assets to disrupt Middle East’s gold industry

DUBAI, 23rd November, 2022 (WAM) -- Dubai Multi Commodities Centre (DMCC) and SafeGold, Asia’s leading digital gold platform, have signed an MoU to advance SafeGold’s vision of digitising gold investment and enabling a digital ecosystem to flourish within the Middle East and North Africa region’s US$20 billion gold market.

With SafeGold’s proprietary technology and DMCC’s leadership in the commodities and crypto-technology space, the partnership 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 Tradeflow platform, a transparent central registry of ownership for gold and commodities stored in UAE facilities. 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.

Gaurav Mathur, Founder and MD, SafeGold, said, “The UAE is the ideal hub for building a global digital gold platform. At SafeGold, we see massive potential in the UAE’s technology and commodity ecosystem considering the nation’s strong affinity towards gold. With DMCC’s regional leadership and world-class infrastructure, and SafeGold’s digital prowess, we look forward to making the UAE a hub for gold investors across