SafeGold collaborates with Dubai’s multi-commodity centre to build a gold-backed digital assets ecosystem
- ByStartupStory | November 25, 2022
SafeGold, a digital gold platform, has signed a Memorandum of Understanding (MoU) with the Dubai Multi Commodities Centre (DMCC). This collaboration will create an ecosystem for gold-backed digital certificates, starting with the UAE and eventually expanding to the Middle East and North Africa (MENA) area.
How will the collaboration work?
Gold bars will be physically housed in safe vaults, and their ownership will be validated by warrants issued on DMCC’s Tradeflow platform, which serves as a central registration of ownership for gold and commodities stored in UAE facilities. Gold-backed digital certificates can then be traded on SafeGold. “At SafeGold, we see massive potential in the UAE’s technology and commodity ecosystems, considering the nation’s strong affinity towards gold. With DMCC’s regional leadership and world-class infrastructure, and SafeGold’s digital prowess, we look forward to making the UAE a hub for gold investors across the region,” said Gaurav Mathur, Founder and MD of SafeGold. The UAE’s gold sector is expanding rapidly. According to the World Gold Council, UAE gold consumption is expected to increase by 57% in 2021.
About safegold
SafeGold is a product of Digital Gold India Pvt. Ltd., a firm supported by institutions and venture capital dedicated to enhancing transparency and efficiency in the gold market via the use of technology.
They are a group of institutional investors that includes Invent Capital, Beenext Ventures, and Pravega Ventures. The World Gold Council has a modest minority stake in the corporation as well. Their staff has experience in the private equity, financial services, jewelry, and technology sectors, and they combine an institutional strategy with a startup mindset.
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