Goldcorp makes 3 000 oz ‘genesis block’ deposit as first blockchain technology used to store hard assets
VANCOUVER (miningweekly.com) – Major gold producer Goldcorp has made a 3 000 oz gold deposit into Tradewind Markets’ VaultChain platform, representing a significant milestone for blockchain technology to track and store hard assets.
Goldcorp’s deposit reflects the ‘genesis block’ – the first block in a blockchain – and is the first example of blockchain technology being used to record and manage physical precious metals in an institutional setting. Goldcorp will be able to sell gold directly to dealers and banks using the Tradewind platform, expanding access to a new market structure that is efficient, has electronic pricing and high liquidity.
"We are excited to be an investor in Tradewind and participate in the launch of VaultChain, a cutting-edge technology that integrates physical gold into a blockchain. We believe physical gold stored on a blockchain will increase the utility of the commodity and, ultimately, drive value in the price of gold. We are thrilled to be an early adopter of this 21st century platform and deposit its first bar of gold,” Goldcorp president and CEO David Garofalo commented in a statement on Thursday.
Tradewind and Goldcorp will collaborate to continue building the platform and add value for producers, dealers, refineries and investors. Tradewind was a #DisruptMining finalist in 2017.
“We believe Tradewind has the potential to change the gold investment industry like the introduction of ETFs [exchange traded funds] did over ten years ago,”Garofalo noted.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation