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DMCC digitises gold trading through tokenisation of Comtech Gold bullion

DMCC digitises gold trading through tokenisation of Comtech Gold bullion
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Dubai - Mubasher: DMCC announced a partnership 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 is an online platform for registering the ownership of commodities stored in UAE facilities.

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 recent press release.

Investors and traders will be able to buy as little as one gram, with each token representing one gram of gold, democratising the asset class by making it more accessible.

Ahmed bin Sulayem, Executive Chairman and CEO, DMCC, said: “Recent market events have highlighted the need for greater transparency and crypto tokens backed by underlying, real-world assets. Our partnership with Comtech Gold to enable the trade of tokenised gold bullion backed by DMCC Tradeflow warrants addresses this need head-on.

Navin D'Souza, CEO at ComTech Gold, commented: "A partnership with DMCC is an exciting moment for us as we continue to grow with 122 kgs of gold already tokenised. Tradeflow warrants add the security, control, and transparency to the gold tokens necessary to build investor trust and confidence. This, along with the Shariah certification, makes Comtech Gold Tokens (CGO) an ideal and robust product developed on blockchain technology for regional and international investors."

During this year’s first half (H1-22), Tradeflow registered over 67,000 Islamic finance transactions, reaching a total value AED 746 billion, representing the highest six-month volume ever recorded for the platform.