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.
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.
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.
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