Blockchain Gold Trading Platform in Live Testing
AlphaPoint, a financial services infrastructure firm specializing in blockchain technology, has announced a partnership with CME Group and The Royal Mint to provide a digital asset trading platform for gold.
The Royal Mint Gold blockchain and trading platform have entered live testing and transactions are currently being conducted end-to-end. The trading platform is on track to launch later this year. The CME electronic platform, powered by AlphaPoint, that will be used to trade RMG. The platform is currently in live testing with institutional traders.
AlphaPoint is the architect of the CME Royal Mint Gold digital asset trading platform, and has been customizing the system in partnership with The Royal Mint and CME Group since last year. The trading platform will offer price discovery and liquidity for market participants, providing an on-ramp and off-ramp to Royal Mint Gold ownership. The technology leverages AlphaPoint’s distributed ledger platform, which enables financial institutions to digitize assets, launch markets, and manage asset lifecycles.
In November 2016, The Royal Mint and CME announced Royal Mint Gold, a new digital gold spot product utilizing a blockchain as its digital infrastructure. Royal Mint Gold alters the way gold is traded, executed, and settled by making it available for trading 365 days a year, with lower costs and a transparent ledger of ownership. Royal Mint Gold is a cryptographically-secure alternative to buying, holding, and trading spot gold.
Royal Mint Gold offers transparency in pricing, ownership, and how Royal Mint Gold is managed on the ledger. Transparency improves trust, reduces fraud and risk, and improves accountability. The platform will trade against USD, GBP, and EUR from the start. There is support for rapid, continuous addition of other currencies to match market demand.