GMEX takes gold-coated stake in Usave Blockchain
GMEX Group has acquired a 30% stake in Usave Blockchain, which is set to launch the Monaco Gold Spot Exchange (MGX) for the trading of physical “eco-responsible” gold.
Usave says it enables an ethically sourced gold supply chain from the miner, with connected hardware recording production, through to tracking and fair payments using blockchain technology.
Selim Fendi, co-founder and CEO of Usave, says its technology can “combat the risk of today’s volatile cryptocurrency markets”.
GMEX will provide its Fusion technology suite to the new exchange. Fusion will give MGX “a ForumMatch multi-asset exchange trading platform supporting both traditional assets and tokenised digital assets, including front-end, matching engine, market data, market surveillance, reporting, ForumCrypto wallet and settlement manager for custody of digital tokenised gold and other assets”.
It won’t give MGX any full stops for punctuation.
The technology will run a private blockchain and secure cold storage linked to external wallets and a public blockchain addressing provenance of gold from demand to supply linking physical gold and storage.
MGX adds that it will not operate by trading duplicates of international gold derivative contracts.
As part of the agreement, Hirander Misra, chairman and CEO of GMEX, has become a director of USAVE.
On 11 July, Usave announced an initial coin offering (ICO) as it looks for $130 million, with the pre-ICO sale set to go live on 17 September 2018.
By the way, last month, the UK government’s Department for International Trade (DIT) said it was supporting GMEX in the creation of a new exchange trading ecosystem in Mauritius.
