Dubai Multi Commodities Centre (DMCC) collaborates with gold blockchain company ComTech to issue gold tokens

ChainCatcher news, according to the Emirates News Agency (WAM), the Dubai Multi Commodities Centre (DMCC) announced on Monday this week a partnership with the gold blockchain company ComTech Gold to achieve the digitization of gold trading based on blockchain.

ComTech will store physical gold bars in DMCC-approved vaults and issue tokenized gold ComTech Gold Tokens (CGO) on the XDC blockchain network. The DMCC Tradeflow online platform registers physical gold, ensuring that each gold bar deposit comes with a Tradeflow authorization letter, enhancing the security, control, and transparency of tokenized assets. The tokenized gold is backed by physical assets and complies with Islamic law.