UAE In-Focus — DMCC, SafeGold collaborate to digitize gold investments

Thu, 2022-11-24 14:27

RIYADH: Dubai Multi Commodities Center and digital platform SafeGold have signed a memorandum of understanding to digitize gold assets in the Middle East and North African region.

The partnership will create an ecosystem for gold-backed digital certificates, initially in the UAE and then across the MENA region’s $20 billion gold market.

According to a DMCC press release, gold bars will be physically stored in secure vaults and verified by warrants issued on its Tradeflow platform, a central registry of ownership for gold and commodities stored in UAE facilities.

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