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DMCC partners with Comtech Gold to digitize gold trading supported by physical gold bars registered on the DMCC Trade flow platform

Partnership with Comtech Gold will enhance democratization and the ease of trading gold by way of tokenized assets

by The Business Pinnacle
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DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise through Dubai has announced a partnership with Comtech Gold to digitize the trading of gold by tokenizing the precious metal supported by physical gold bars registered on DMCC Trade flow.

DMCC Tradeflow is a flexible and customized online platform to register possession and ownership stored in UAE-based facilities.

Comtech Gold Tokens

Comtech Gold Tokens (“CGO”) will be created on the XinFin Protocol (XDC) blockchain network built on the deposit of physical gold bars sited in DMCC-certified vaults.

Each gold bar will be backed by a Tradeflow warrant, indicating that the increased ease of trading tokenized asset is linked with the additional security, transparency, and real-asset allocation offered by the Tradeflow warrant.

With every token indicative of one gram of gold, investors and traders will be able to buy as little as one gram, democratizing the asset class by creating it further accessible. The tokens are Shariah compliant and fully backed by physical gold in the form of 1kg gold bars of 999.9 purity from internationally celebrated brands. In line with international best practices for transparency in the precious metals sector, each bar will include distinctive certificates and ID numbers direct from the refiners.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said that the recent market events have emphasized the need for greater transparency and crypto tokens backed by fundamental, real-world assets.

DMCC’s partnership with Comtech Gold to facilitate the trade of tokenized gold bullion backed by DMCC Tradeflow warrants focuses on this need spearheaded. DMCC firmly considers that blockchain solutions will drive long-term development in global trade across industries and asset classes, and this most recent announcement is a New Testament to this fundamental principle.

Navin D’Souza, Chief Executive Officer at ComTech Gold, said that the partnership with DMCC is an exciting moment for us as we continue to grow with 122 kgs of gold now tokenised.

D’Souza added that the Tradeflow warrants add the security, control, and transparency to the gold tokens necessary to build investor trust and confidence. This, alongside the Shariah certification, makes Comtech Gold Tokens (CGO) an ideal and robust product developed on blockchain technology for regional and international investors.

DMCC Tradeflow

This partnership adds to Tradeflow’s list of Shariah-compliant products, given that the tokens are backed by physical assets. Tradeflow registered over 67,000 Islamic finance transactions in H1 2022, reaching a total value of AED 746 billion. This symbolizes the greatest six-month volume ever documented for the platform.

DMCC Tradeflow was launched in 2012 to focus on a disparity in the regional trade finance market and has witnessed a significant year-on-year increase in transactions, driving the platform’s expansion. DMCC Tradeflow now offers a variety of online services exclusively designed to facilitate collateral financing, and jewelry financing, and provide Islamic finance solutions.

Streamlining gold trading through blockchain

Both partners have stated a need to streamline the gold trading market. The objective is to use blockchain technology to create an investment-grade gold product.

According to the DMCC and ComTech, CGO tokens eliminate the necessity for investors to store and transport physical gold bars. As indicated in the announcement, tokenization also accelerates the trading of fractional shares of a single gold bar.

 

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