In Less Than A Year Digital Gold And Silver Have Made Their Mark - Tradewind Markets
(Kitco News) - Digital gold and now digital silver appear to be making their mark among precious metals investors, according to the executives at Tradewind Markets, a fintech startup that created the digital bullion exchange VaultChain.
In a telephone interview with Kitco News, Steve Lowe, Head of Business Development at Tradewind Markets, said that since VaultChain’s launch in March, the trading volume on the platform has exceeded the company’s expectations.
“There is always room to grow, but so far we are extremely pleased with how the exchange has grown so far this year,” he said.
Lowe’s comments come as Tradewind officially added silver to its platform. Now physical silver investors can connect with preciousmetals producers, custodians, market makers, dealers in an electronic exchange. Like the gold market, the physical silver traded on the platform is stored in vaults within the Royal Canadian Mint. The transactions are all recorded through blockchain technology.
“Our customer base has expressed strong interest in a digital silver solution to complement our gold products, making it a logical next step in our development” said Lowe in a press release Tuesday.
With the company’s latest milestone achieved, Lowe said that the company is now focusing on growing liquidity on the platform. He added that he is confident that it is only a matter of time before the exchange builds “critical mass” in the market place.
“I think once we really get the message out about the platform we will have receptive investors,” he said.
The company already has a receptive audience within the mining community. Tradwind Markets has attracted investment capital from major producers including Goldcorp (NYSE: GG, TSX: G Agnico Eagle (NYSE: AEM, TSX: AEM), IAMGOLD (TSX: IMG, NYSE: IAG) and Wheaton Precious Metals (NYSE: WPM, TSX: WPM, and) and heavyweight in the gold investment community Sprott Inc. (TSX: SII).
In an interview in September, Sean Boyd, CEO of Agnico said that he saw his company’s investment as a bet on gold’s future. He added that a digital marketplace has the potential to be a new evolution for gold and silver, as transformative as exchange traded funds were when they were introduced more than a decade ago.