Royal Mint Announces Gold-Backed Blockchain Settlement
One of the UK’s oldest bullion producers and the entity that strikes British coins, the Royal Mint has just announced a gold-backed blockchain effort. In partnership with one of the world’s largest options and futures firm CME Group, the two companies aim to release its blockchain project in 2017. 1,000 Year Old Royal Mint to Create Blockchain-Based Gold....
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The Royal Mint of Britain announces its plans to introduce blockchain based platform for trading gold backed crypto assets. Bitcoin has come to be known as “digital gold” for having many properties similar to that of the yellow metal. Now, Bitcoin’s underlying technology is being adopted by the Royal Mint— Britain’s coin maker to enable trading. Unlike Bitcoin, gold is a physical asset and not so easily divisible when it comes to smaller values. Imagine carrying out transactions with minute quantities of gold for daily expenses, got the idea? By tokenizing the precious metal using....
The Royal Mint, owned by Her Majesty’s Treasury, will soon begin a “digitized gold offering” made possible by blockchain technology, bitcoin’s underlying innovation. Announced today, The Royal Mint revealed its partnership with CME Group, a derivatives marketplace to develop the digital gold product called Royal Mint Gold (RMG). For a 100-year-old institution, the announcement represents a significant endorsement of the technology. “RMG will change the way traders and investors trade, execute and settle gold,” The Royal Mint stated. Initially, up to $ 1 billion worth of gold in RMG will be....
Britain’s Royal Mint and Chicago-based CME Group, a derivatives marketplace, have now entered testing of their gold trading platform based on blockchain technology, ahead of its planned launch later this year. Bitcoin startup BitGo is notably playing the part of a developer alongside blockchain firm AlphaPoint in helping the CME Group to develop the open-source blockchain. The startup’s multi-signature technology, used for its bitcoin wallets, will be the core security technology used for the blockchain trading platform. “Distributed ledger technology is a game changer and supplying gold....
Futures trader of the CME Group is teaming up with BitGo and Alphapoint to develop a Blockchain gold solution for the UK’s Royal Mint. Royal Mint Gold (RMG), a development of which is already in progress, aims to “provide a fast, cost-effective and cryptographically secure method of buying, holding and trading spot gold.” “An RMG is a digital representation of real gold sitting in the Royal Mint vaults,” Sandra Ro, head of digitization at CME Group, said in a release. “When you purchase RMGs you will effectively have real gold that is allocated from a direct ownership standpoint that is....
At over 1,000-years-old, The Royal Mint – the only institution licensed to provide coins in the UK – isn't the type of business you might expect to be launching a blockchain. However, in the face of new "technological and competitive" challenges, The Royal Mint is doing just that, announcing today that results of an investigation into how it could digitize its processes for the benefit for partners and customers. As part of this larger drive, The Royal Mint has teamed with derivatives marketplace provider CME Group to build and launch a digital gold offering, one that could find....