SafeGold partners with Dubai's multi commodity centre to create a gold-backed digital assets ecosystem
The partnership will further enhance the UAE’s position as the leading technology and gold hub in the region with the creation of an ecosystem for gold-backed digital tokens that can be used globally.
Digital gold platform SafeGold signed a Memorandum of Understanding (MoU) with Dubai Multi Commodities Centre (DMCC). This partnership will enable an ecosystem for gold-backed digital certificates beginning with UAE and later extending to the Middle East and North Africa (MENA) region.
How will the partnership play out?
Gold bars will be physically stored in secure vaults, and verified by warrants issued on DMCC’s Tradeflow platform— a central registry of ownership for gold and commodities stored in the UAE facilities.
Digital certificates that are backed by gold can then be traded on SafeGold.
"At SafeGold, we see massive potential in the UAE’s technology and commodity ecosystem 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, SafeGold.
Gold is a high-growth industry in the UAE. According to the World Gold Council, UAE gold consumption surged by 57% in 2021.
Edited by Akanksha Sarma