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Digital Currency/Stablecoin/Tokenization Series: Tokenized Gold Trading On Cards Amid Pandemic Turmoil
Of late, we’ve seen many new inventions within the gamut of FinTech, just like state-backed stablecoin, PBoC Deputy chief divulged the Outlines of ‘DCEP’ (Digital Currency Electronic Payment, their native cryptocurrency). While Turkey-based Takasbank introduces physical gold-backed transfer system on a blockchain-based platform.
But for now, ‘Meld Gold’ is all set to launch tokenized gold trading in the Q3 of 2020. Meld Gold which is an Australian startup is developing a blockchain-based gold trading platform that would be much superior to the current bullion market solutions amid highly volatile conditions.
Having total reported death cases exceed due to the deadly contagious coronavirus, almost all markets have halted with a trauma.
As the outbreak widens, the most severe impact on commodity markets, especially oil and gold demand have diminished through aggressive travel and consumption curtailments. Efforts across the globe to contain the virus have already forced airlines to cancel flights, festivals and public gatherings (auspicious occasions) suspended, and business conferences to be postponed.
Amid pandemic Covid-19 circumstance, since the financial & commodity markets have been suffering and macroeconomic slowdown is nearing to recession, the blockchain driven proposed platform may provide a tokenized method for sale and purchase of physical gold with a vibrancy in the transactions.
The platform facilitates a digital method to transact in physical gold that is more efficient and transparent than conventional gold markets. They said gold is a ‘1:1 backed crypto stable coin pegged to the price of REAL GOLD’.
Meld Gold prototype was originally designed on Ethereum, later on, switched to the Algorand-based platform and is set to launch operations in July or August 2020.
The company has expansionary plans for its global presence, including Europe, North America and Asia.