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The Royal Mint to roll-out blockchain gold trading platform

The Royal Mint has partnered with CME Group to build a digital gold product on blockchain. Royal Mint Gold (RMG) will launch in 2017. David Janczewski, Director of New Business at The Royal Mint, says: “Distributed ledger technology is a game changer and supplying gold on a blockchain has been on our minds for some time, but only after partnering with CME Group did we feel we had the right fit and proposition. We’re now inviting the wider market to participate in this project alongside us and CME Group and we look forward to engaging with interested parties in the days ahead. Participation will enable us to develop the platforms to be able to connect to the CME network and trade gold.”

CME Group will launch a digital trading platform. Unlike the traditional physical spot cost model for investing in gold with management fees and ongoing storage charges levied, RMGs will offer ownership of the underlying gold with the option for conversion to physical gold by The Royal Mint with zero storage cost. The initial amount of RMG at launch could be up to $1 billion worth of gold. It will be offered through investment providers. Further RMG will then be issued based on market demand.

Julie Winkler, Senior Managing Director, Research, Product Development and Index Services at CME Group, says: “Developing a digital gold trading platform will help ensure that CME Group’s current product offerings meet the evolving needs of the global marketplace. As we continue to expand our global footprint and develop new products, this platform will help set standards for digital assets in financial markets.”

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