New Delhi: SafeGold, a digital gold platform, has signed an MoU with Dubai Multi Commodity Center (DMCC) to digitize gold investments and tap the $20 billion gold market in the Middle East and North Africa region. To further SafeGold’s vision to develop a digital ecosystem in the ,
With SafeGold’s proprietary technology and DMCC’s leadership in the commodities and crypto-technology space, the partnership will create an ecosystem for gold-backed digital certificates, initially in the UAE and later across the MENA region.
Gaurav Mathur, Founder and Managing Director, SafeGold, said, “The UAE is the ideal hub to build a global digital gold platform. At SafeGold, we see huge potential in the UAE’s technology and commodity ecosystem given the country’s strong affinity for 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 and accelerating the digital gold ecosystem in the UAE.”
The gold bars will be physically stored in secure vaults, and will be verified by warrants issued on DMCC’s Tradeflow platform, a transparent central registry of ownership of gold and commodities stored in UAE facilities. Digital certificates backed by gold can then be traded on SafeGold’s platform, providing investors with a greater level of transparency and confidence.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said, “Given the increasing ease of trading in digital assets, especially gold and precious metals, our collaboration with SafeGold aims to strengthen an ecosystem for digital gold globally. A partnership built on trust and transparency is critical to serving the entire gold industry, and DMCC will leverage our extensive knowledge in gold, world-class infrastructure across the entire gold value chain, and ongoing work in the blockchain and web3 areas. Fully prepared to drive these efforts in view of the work.”
The UAE is the pre-eminent financial services, technology and gold hub in the MENA region. Gold is a high growth industry in the UAE; According to the World Gold Council, gold consumption in the UAE is set to grow by 57 percent in 2021.
SafeGold’s state-of-the-art technology platform provides a digital solution for each and every aspect of the gold ecosystem. The SafeGold platform adds a strategic air to an asset that is typically either stored, worn or gifted. For example, SafeGold recently launched Gains – the world’s first gold leasing platform. The platform mobilizes gold lying idle in vaults by leasing it out to jewelers and converting it into an income-generating asset.