Tradewind's digital gold platform now tracking where its metal comes from
(Kitco News) - Responsible mining and the idea of ethical gold continues to gain prominence within the sector and one company has now developed a tool so investors can know exactly where their gold comes from.
Tuesday, gold fintech firm Tradewind Markets, announced the launch of the Tradewind ORIGINS application. The latest digital tool provides supply chain provenance to buyers and sellers in the precious metals marketplace. The company said that the new program integrates seamlessly with its digital precious metals trading platform VaultChain.
The ORIGINS tool provides vital information on precious metal throughout the supply chain, including the name and geography of the mine where the metal was produced, the company said.
“Tradewind is helping market participants bring transparency to otherwise opaque asset classes across precious metals and other alternative assets,” Michael Albanese, CEO of Tradewind Markets, said in a press release.
“As economic, social, and governance (ESG) standards for precious metal miners become increasingly important and investors make more decisions based on ESG performance, Tradewind ORIGINS serves a vital purpose for the market,” the company said in a press release. “ORIGINS synthesizes large amounts of data to provide market participants with the tools they need to make better-informed business decisions.”
The new application is earning support from major gold produces.
“As a major global producer, Agnico Eagle enthusiastically supports innovations that enable market participants to engage in precious metals markets while adhering to social and environmental best practices,” Ben Lam, Treasurer at Agnico Eagle Mines, said in the press release. “We want to ensure that transparency is met from stage one, and Tradewind ORIGINS represents an important step in this direction, providing our customers and stakeholders with a platform to confirm the quality and source of our goods.”
With Tradewind is one of the pioneers of digital gold. Through its Vaultchain platform, which launched in March of 2018, investors are able to buy fractional amounts of gold or silver on a digital exchange. The physical metal is stored in a vault at the Royal Canadian Mint. The transactions and ownership of the gold are recorded through blockchain technology.