DM CC, S a f egold pa rtner to use gold-ba cked digita l a ssets

DUBAI: Dubai Multi Commodities Centre (DMCC) and Safegold, Asia’s leading digital gold plaform, have signed an MOU to advance Safegold’s vision of digitising gold investment and enabling a digital ecosystem to flourish within the Middle East and North Africa region’s $20 billion gold market.

With Safegold’s proprietary technology and DMCC’S leadership in the commodities and cryptotechnology space, the partnership will create an ecosystem for gold-backed digital certificates, initially in the UAE and subsequently across the entire MENA region.

Gold bars will be physically stored in secure vaults, and verified by warrants issued on DMCC’S Tradeflow plaform, a transparent central registry of ownership for gold and commodities stored in UAE facilities. The digital certificates that are backed by gold can then be traded on Safegold’s plaform, providing investors with greater levels of transparency and confidence.

Gaurav Mathur, Founder and MD, Safegold, said, “The UAE is the ideal hub for building a global digital gold plaform. 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.”

Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, said, “Given the increased ease of trading digital assets, especially in gold and precious metals, our collaboration with Safegold is a vital step towards consolidating an ecosystem for digital gold at the global level.”