Emirates Information Company – First blockchain-enabled valuable metals refinery to open in Dubai

    DUBAI, twenty first April, 2021 (WAM) — DMCC, the world’s flagship Free Zone and Authorities of Dubai Authority on commodities commerce and enterprise, has introduced the signing of a sale and buy settlement (SPA) with REIT Improvement to determine the most important valuable metals refinery and storage facility throughout the GCC and the primary to be utterly enabled by blockchain within the GCC.

    As a part of the settlement, REIT Improvement acquired industrial land strategically situated in DMCC’s Jumeirah Lakes Towers (JLT) vibrant enterprise district, stated an announcement issued on Wednesday.

    DMCC has premium plots on the market throughout JLT, that are attracting important curiosity from a various vary of buyers and builders, all in quest of a dynamic vacation spot to do enterprise.

    The power will refine and retailer valuable metals, together with gold, silver, platinum, palladium and rhodium, which might be tokenised on

    Gold Alternate DMCC, a secured buying and selling platform, will present entry to monetary belongings within the type of stablecoins specifically GoldCoin, SilverCoin, PlatinumCoin, PalladiumCoin and RhodiumCoin.

    Every Ethereum-based token will signify the present worth of 1 gram of every steel and will be traded on the alternate. The tokens might be bodily backed by the valuable metals at DMCC’s safe storage facility, that means they are often traded with confidence.

    Ahmed Bin Sulayem, Government Chairman and Chief Government Officer of DMCC, stated, “The gold and valuable metals trade is at a tipping level, however for sure there are boundless alternatives that lie beneath the uncertainty of a submit pandemic world. Signing this settlement with REIT Improvement underscores the essential position that DMCC performs in tapping the UAE and the emirate on the world map as a pacesetter within the valuable metals trade via the deployment of cutting-edge expertise akin to blockchain.”

    He added that the gold and valuable metals trade is anticipated to witness important progress within the coming interval and “via related agreements, we are able to advance the trade as a complete.”

    The primary-of-its-kind facility by REIT Improvement – an organisation specialised in valuable metals and blockchain applied sciences – might be accomplished within the final quarter of 2022.

    Mike De Vries, Chief Operation Officer of REIT Improvement, stated, “Blockchain expertise can allow extra clear and correct monitoring of valuable metals, guaranteeing there isn’t a ‘soiled gold’ in circulation and illicit trades. Our 100,000 sq ft valuable metals refinery and storage will create a decentralised immutable file of all transactions, making it attainable to trace all valuable metals which are refined in our refinery and ultimately offered internationally to over 150 international locations.

    “Clients who purchase our merchandise or use our storage can confirm all the data within the blockchain. We consider that by 2025 each valuable metals refinery and storage facility might be within the blockchain, allow us to prepared the ground.”

    In February 2021, Bin Sulayem joined the advisory board of the Swiss Authorities-supported blockchain funding firm CV VC following an earlier settlement between DMCC and CV VC and CV Labs. This partnership will carry a number one blockchain and cryptographic applied sciences ecosystem to Dubai.

    In 2020, DMCC additionally signed an settlement with Innoway, a China Authorities-backed incubator pioneering science, tech and schooling ecosystems to usher in a brand new wave of innovation to the UAE.


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