Dubai’s DMCC digitises gold trading in partnership with ComTech Gold

Dubai’s DMCC digitises gold trading in partnership with ComTech Gold

Dubai’s DMCC has partnered with ComTech Gold to digitise the trading of gold by tokenising the precious metal backed by physical gold bars registered on DMCC Tradeflow. DMCC Tradeflow, launched in 2012, is an online platform for registering the ownership of commodities stored in UAE facilities. It provides a range of online services specifically designed to facilitate collateral financing, jewellery financing, and provide Islamic finance solutions Comtech Gold Tokens (CGO) will be created on the XinFin Protocol (XDC) blockchain network based on the deposit of physical gold bars located in DMCC-approved vaults, according to a report published by the Dubai Media Office. Each gold bar will be backed by a Tradeflow warrant, meaning that the increased ease of trading a tokenised asset is combined with the additional security, transparency and real-asset allocation provided by the Tradeflow warrant. With each token representing one gram of gold, investors and traders will be able to buy as little as one gram, democratising the asset class by making it more accessible. The tokens are Shariah compliant and fully backed by physical gold in the form of one-kilogramme gold bars of 999.9 purity from globally-renowned brands. In line with international best practices for transparency in