Tradewind Developing Blockchain-based Platform for Precious Metal Trade

Asia Blockchain Review
November 19, 2019

Fintech company Tradewind Markets has announced that it will launch a blockchain app for the precious metal trade. Tradewind ORIGINS will enable users to trade and settle precious metals digitally, while allowing traders to verify the origins of the physical assets. 

The app is being developed in partnership with VaultChain and several major companies in the industry, including the Royal Canadian Mint. 

Tradewind ORIGINS to Comply with Mining Standards

VaultChain will verify information of precious metals, such as the name and location of the mine, for TradeWind ORIGINS. The Royal Canadian Mint, which accepts precious metals from the suppliers, will approve or reject any assets before it is registered with the platform.

Tradewind said the app will follow the Economic, Social, and Governance (ESG) standards for mining — an important criteria precious metal miners use when making decisions.

The precious metal mining industry has major investors, such as IEX Group, Sprott Inc., Goldcorp, and Agnico Eagle Mines Ltd.

Tradewind’s to Use Blockchain to Innovate Market

The app will allow precious metal producers to choose their metal market without participating in any market or making costly changes to their operations. Tradewind says other industry standards ORIGINS will follow include those set by the World Gold Council and the London Bullion Market Association.

Tradewind is seeking to establish new practices as well as ethical sourcing of materials for the precious metal mining industry. The company added that it wishes to use the blockchain technology to innovate the market.

Source: coinnounce.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us