First Blockchain-enabled Precious Metals Refinery to Open in Dubai

First Blockchain-enabled Precious Metals Refinery to Open in Dubai

DMCC, the world's flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has announced the signing of a sale and purchase agreement (SPA) with REIT Development to establish the largest precious metals refinery and storage facility across the GCC and the first to be completely enabled by blockchain in the GCC.

As part of the agreement, REIT Development acquired industrial land strategically located in DMCC's Jumeirah Lakes Towers (JLT) vibrant business district, said a statement issued on Wednesday.

DMCC has premium plots for sale across JLT, which are attracting significant interest from a diverse range of investors and developers, all in search of a dynamic destination to do business.

The facility will refine and store precious metals, including gold, silver, platinum, palladium and rhodium, which will be tokenised on goldexchange.com.

Gold Exchange DMCC, a secured trading platform, will provide access to financial assets in the form of stablecoins namely GoldCoin, SilverCoin, PlatinumCoin, PalladiumCoin and RhodiumCoin.

Each Ethereum-based token will represent the current value of one gram of each metal and can be traded on the exchange. The