DMCC strikes deal to construct blockchain-based valuable metals refinery in Dubai

Dubai Multi Commodities Centre — a free commerce zone established by the Dubai Authorities — has signed a sale and buy settlement with REIT Growth to assemble a 100,000 sq. foot valuable metals refinery.

In keeping with a DMCC launch on Wednesday, the valuable metallic refinery and storage facility would be the largest within the Gulf Cooperation Council and can reportedly be powered by blockchain know-how.

Positioned within the excessive forehead Jumeirah Lake Towers space, the ability will refine and retailer valuable metals like gold, silver, rhodium, palladium and platinum amongst others.

These valuable metals will even present backing for asset-collateralized stablecoins like GoldCoin, SilverCoin, RhodiumCoin, PalladiumCoin and PlatinumCoin, to say just a few.

The stablecoins will run on the Ethereum community and can reportedly be pegged to the present worth of 1 gram of the corresponding valuable metallic.

In keeping with the announcement, the valuable metals-backed stablecoins will likely be out there for buying and selling on the DMCC’s gold alternate platform.

Building work on the proposed facility is scheduled to be accomplished earlier than the tip of 2022 with the DMCC stating that the advanced will additional strengthen its place within the international valuable metallic markets.

In keeping with Mike De Vries, chief operation officer REIT Growth, blockchain will disrupt the valuable metals business, including:

“Blockchain know-how can allow extra clear and correct monitoring of valuable metals, guaranteeing there isn’t any ‘soiled gold’ in circulation and illicit trades […] We imagine that by 2025 each valuable metals refinery and storage facility will likely be within the blockchain.”

REIT Growth’s deliberate blockchain-based valuable metallic refinery within the JLT space is the newest instance of the broad-based adoption of the novel know-how in Dubai and the United Arab Emirates.

Earlier in April, Cointelegraph reported that the town’s financial division was seeking to deploy its company Know Your Buyer challenge to cowl the complete UAE.