Trio of firms unite to introduce digital asset trading platform for gold

Blockchain-focused financial services infrastructure firm AlphaPoint has partnered with CME Group and The Royal Mint to create a digital asset trading platform for gold.

The Royal Mint Gold (RMG) blockchain and trading platform are in live testing. Transactions are currently being conducted end-to-end with the trading platform set to launch later in 2017.

AlphaPoint has been customizing the system since last year. The trading platform will provide price discovery and liquidity for market participants and give them both an on ramp and off ramp to RMG ownership. The system employs AlphaPoint’s Distributed Ledger Platform which allows financial institutions to digitize assets, launch markets and manage asset lifecycles.

The Royal Mint will store the gold bars, which will be digitized to create the RMGs. Ownership will be stored on the blockchain, allowing traders to easily swap them. RMGs offer ownership of the corresponding gold with a free physical conversion option by the Royal Mint.

One RMG equates to one gram of gold. As much as $1 billion of RMGs will initially be offered.

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