Tradewinds, Canadian Mint to Verify Origins of Precious Metals on Blockchain

Publié le by Coindesk | Publié le

Tradewind Markets, a blockchain-powered gold trading platform backed by stock trading firm IEX, has developed and launched a system for stablecoin issuers on its platform to track the provenance of their precious metals.

Tradewind is taking its shot at stopping counterfeit gold seals and helping precious metals investors find metals that are produced responsibly.

Designed with the Royal Canadian Mint, Tradewind Origins tracks the geography and name of the mine as well as under what standards the metal was produced.

"If you are a miner who produces responsible metal, once the bank buys the metal, it loses its identity," Tradewind Chief Executive Michael Albanese, told CoinDesk.

Tradewind's history with blockchain began in 2016 when it set out to create more transparency in the gold exchange process with the technology.

In March 2018, the firm launched its VaultChain platform, which served as an authoritative record of title for precious metals ownership at the Mint.

InfiniGold unveiled a digital token backed by gold certificates from The Perth Mint in Australia in August.

Tradewind Origins beefs up the company's service of helping other companies develop precious metal-backed stablecoins.

The Mint, Tradewind and the miner are the only three participants with nodes on the platform with no information being recorded to the blockchain by the miner unless the Mint and Tradewind confirm it.

Tradewind aims to address the environmental, social and corporate governance standards that first affected equity and bond investing and are now important to investors in precious metals, Albanese said.