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Algorand, Meld partner to create a decentralised industry gold token

AlgorandMeld Gold, an Australian early-stage tech company, has created a digital platform and the company will integrate into the existing gold supply chain as it aims to deliver greater market efficiency through seamless trading and quicker settlement, as well as significantly reducing the slow manual processes that presently exist. Meld Gold has partnered with Algorand to create a decentralised industry gold token.

Michael Cotton, Director, Meld Gold elucidated, “This brings transparency to the gold market for the first time by directly connecting buyers and sellers on a digital platform. Currently the gold market provides limited access and little visibility into its supply chain, which makes trading time-consuming, expensive and inefficient.”

Investors and consumers will be able to transact in physical gold and digital gold tokens utilising a global network of partners and gold suppliers.

“Algorand’s blockchain technology was designed to enable efficient and transparent transactions across different asset classes, maximizing value for everyone involved,” said Steve Kokinos, CEO, Algorand. “Working with Meld, we’re helping to modernize the gold industry and bring innovation that connects the physical and virtual worlds.”

After considering other blockchain platforms, Meld Gold selected Algorand as best-suited to connect all components of the gold marketplace such as bringing suppliers, dealers, and buyers directly to where they want to trade assets. Algorand has powered asset tokenization use cases, such as the first state-backed digital currency with the Marshall Islands, a hybrid IPO for World Chess, and fiat currency transactions for Monerium.

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