The Dubai Multi Commodities Centre (DMCC) has announced a new partnership with the firm Comtech Gold in order to digitize gold trading. The DMCC said the tokenized precious metals are backed by DMCC Tradeflow-registered gold bars, and each tokenized gold bar “will be backed by a Tradeflow warrant.”
DMCC to Digitize Tradeflow-Registered Gold Bars via the Xinfin Blockchain
Dubai Multi Commodities Centre (DMCC) is a UAE Free Zone established in 2002, and it’s considered the region’s authority when it comes to commodities trade and enterprise. DMCC is one of many Free Zones in the United Arab Emirates (UAE) like the International Free Zone Authority (IFZA) and Jebel Ali Free Zone Authority (JAFZA). On Nov. 21, 2022, the DMCC announced a partnership with Comtech Gold as the UAE Free Zone plans to tokenize gold settlement.
The announcement says that a crypto coin called the commtech gold token (CGO) will be minted using the Xinfin Protocol (XDC) blockchain network. According to the
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