The precious metals refined on the site will be tokenized and traded on the DMCC Gold Exchange platform.
Dubai Multi Commodities Centre — a free trade zone established by the Dubai Government — has signed a sale and purchase agreement with REIT Development to construct a 100,000 square foot precious metals refinery.According to a DMCC release on Wednesday, the precious metal refinery and storage facility will be the largest in the Gulf Cooperation Council and will reportedly be powered by blockchain technology.Located in the high brow Jumeirah Lake Towers area, the facility will refine and store precious metals like gold, silver, rhodium, palladium and platinum among others.These precious metals will also provide backing for asset-collateralized stablecoins like GoldCoin, SilverCoin, RhodiumCoin, PalladiumCoin and PlatinumCoin, to mention a few.The stablecoins will run on the Ethereum network and will reportedly be pegge
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