Through the tokenization of comtech gold bullion, DMCC digitizes the gold trading market

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By tokenizing the precious metal backed by actual gold bars recorded on DMCC Tradeflow, Dubai Multi Commodities Centre (DMCC) and Comtech Gold plan to digitize the trading of gold.

For the purpose of registering the ownership of goods kept in UAE facilities, DMCC Tradeflow is an online platform.

On the XinFin Protocol (XDC) blockchain network, Comtech Gold Tokens (CGO) will be produced based on the deposit of real gold bars housed in DMCC-approved vaults.

Each gold bar will be backed by a Tradeflow warrant, combining the improved trading accessibility of a tokenised asset with the added security, transparency, and real-asset allocation offered by the Tradeflow warrant.

Investors and traders will be able to purchase as little as one gram of gold per token, democratizing the asset class by increasing its availability. The tokens are fully backed by physical gold in the form of 1 kg gold bars of 999.9 purity from internationally famous companies and are Shariah compliant. Each bar will have a distinct ID number and a certificate directly from the refiners, in accordance with international best practices for transparency in the precious metals industry.

“Recent market events have highlighted the need for greater transparency and crypto tokens backed by underlying, real-world assets,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC. This need is directly addressed by our relationship with Comtech Gold, which enables the trading of tokenized gold bullion backed by DMCC Tradeflow warrants. This most recent announcement is further evidence of DMCC’s firm belief that blockchain solutions will spur long-term growth in international trade across industries and asset classes.

ComTech Gold’s chief executive officer, Navin D’Souza, said: “We are thrilled to be partnering with DMCC as we continue to expand with 122 kg of gold already tokenized. Tradeflow warrants give the gold tokens the security, control, and transparency needed to increase investor confidence. Comtech Gold Tokens (CGO) are a suitable and reliable product built on blockchain technology for regional and international investors because of this and the Shariah certification.”

Given that the tokens are backed by tangible assets, this cooperation expands Tradeflow’s offering of Shariah-compliant goods. Over 67,000 Islamic finance transactions totaling AED 746 billion were recorded by Tradeflow in the first half of 2022. The volume over the past six months has been the highest ever for the platform.

In order to fill a gap in the regional trade finance market, DMCC Tradeflow was introduced in 2012. Since then, the platform has seen a significant year-over-year increase in transactions. The online services offered by DMCC Tradeflow are now geared toward making it easier to finance jewelry and collateral and offer Islamic finance options.

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