GMEX Group, a provider of exchange, post-trade and digital technology solutions, announced that it has bought a 30% stake in the USAVE Blockchain company.
According to the press release, the two companies will build a gold exchange. GMEX will provide the full GMEX Fusion technology suite for USAVE to develop and run the Monaco Gold Spot Exchange (MGX). The GMEX Fusion package will include the ForumMatch multi-asset exchange trading platform that supports both traditional assets and tokenized digital assets plus the ForumCrypto wallet and settlement manager.
On its part, USAVE will provide the high-speed private Blockchain and secure cold storage linked to external wallets and a public Blockchain addressing the provenance of the gold from demand to supply linking physical gold and storage.
On the MGX, physical eco-responsible ethically sourced gold will be traded and without duplicates of international gold derivative contracts, like some other gold exchanges. Blockchain technology will allow users to source, record production, track supply and payments from the miner through the supply line to the buyer. This purportedly will “enable the human transformation for mining communities globally”.
In addition to the globally-sourced gold, the MGX will also serve as the final block of the USAVE blockchain and will sell digital gold assets produced through the USAVE ecosystem. The exchange will also offer physical storage in a vault or transfer to a vault of the client’s choice.
The main means of payment on MGX will be the USAVE token. It will be released in a pre-sale initial coin offering (ICO) on September 17, 2018. The hard cap is set at $130 million and the raised funds will be used for the development of the platform.
“We are delighted to partner with GMEX to create a fair and secure exchange for ethically sourced gold worldwide,” said Selim Fendi, Co-Founder and CEO of USAVE. “Our mission is to develop a complete and sustainable gold ecosystem and guarantee the origin of all eco-responsible gold as it moves through the entire supply chain. This partnership allows us to offer an efficient and stable means of physical gold exchange within our ecosystem and use technology to combat the risk of today’s volatile cryptocurrency markets.”
“We are very pleased to be working with the USAVE to fully support their ICO and to expand their ecosystem to include a digital gold exchange underpinned by ethically sourced physical gold,” noted Hirander Misra, chairman & CEO of GMEX.
GMEX Group is based in London and offers fintech solutions. It says it is at the forefront of UK’s blockchain economy and was recently named as one of the leaders in the implementation of blockchain technology in the All-Party Parliamentary Group report on the UK blockchain industry.
This article appeared first on Cryptovest
