USAVE Blockchain has partnered with GMEX to create a digital exchange for physical gold.
The partnership has also seen GMEX acquire a 30 per cent stake into USAVE. Together, the companies will build the digital Monaco Gold Spot Exchange (MGX) which is designed to foster fair and secure trading of physical eco-responsible gold.
USAVE encourages gold production and distribution standards, nurturing an ethically sourced gold supply chain from the miner to tracking and payments. Its blockchain technology tracks and records data along the supply chain to improve visibility into the market.
MGX will be a commodity exchange which sees transactions completed through USAVE’s digital token. It will also create digital assets that can be transferred between counterparties within the MGX ecosystem and facilitate the transfer of gold and as financing for its production, by using it as security to lend against.
The solution will be powered by GMEX Fusion suite which will support both traditional and tokenised assets, and provide a matching engine, market data, market surveillance, reporting, ForumCrypto wallet.
USAVE co-founder and CEO Selim Fendi said, “Our mission is to develop a complete and sustainable gold ecosystem and guarantee the origin of all eco-responsible gold as it moves through the entire supply chain.
“This partnership allows us to offer an efficient and stable means of physical gold exchange within our ecosystem and use technology to combat the risk of today’s volatile cryptocurrency markets,”
As part of the deal, GMEX chairman and CEO Hirander Misra will become a director at USAVE.
Earlier in the month, USAVE announced plans for an ICO with a hard cap of $130m to support the development of the platform. A pre-sale will go live on 17 September.
GMEX is a digital exchange, post-trade and technology solutions developer. The company builds platforms for the trading of equities, debt, FX, derivatives, commodities, cryptocurrencies and digital assets.
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