The Gold Rush: Royal Mint Partner With CME to Offer Blockchain-Based Gold Trading and Investment
If the digital era and its highly regarded financial technology represents the modern age as a wider whole, then gold and its like can surely be considered as the fading old guard. While the comparison of Bitcoin to gold may flatter the cryptocurrency, it is more representative of a symbolic baton passing where bullion is concerned. But gold isn’t done, as is now being proven by the latest company to use blockchain tech in the gold market, the Royal Mint.
A Partnership to Modernize Forgotten Commodities
The Royal Mint has a substantial amount of gold, but the desire to own commodities as digital assets represents the here and now. So, they have created RMG – a digital token representing gold holdings. Records are stored on the blockchain, and each RMG represents 1g of gold, held within two different sizes of gold bar. Of course, with this digital representative ownership on a decentralized ledger, there will be no management of administrative fees, which will represent a significant saving for investors.
Furthermore, once the trading arm of the new development is underway, investors will have the flexibility to trade 24/7/365. This is where CME come in – they are responsible for developing and releasing the trading platform, due later this year. Their own knowledge of blockchain is very well-established, not least of all due to their being one of the first companies to offer Bitcoin futures back in December 2017.
The Royal Mint have already said that there will be a limited supply of RMG, so we will make sure that you are kept updated right here at Bitrazzi.com on the latest developments regarding RMG, the launch of the trading platform from CME, and any other news from the Royal Mint.
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