Tradewind Markets backed by stock trading firm IEX functions as a blockchain-powered platform for trading precious metals. It has recently developed and launched a system that will enable stablecoin issuers on its site to know the origins of their precious metals.
In a recent report from Reuters, fake-branded gold bars are making their way into mainstream markets. Tradewind is working to put an end to this forgery. It is determined to build investors’ trust that the precious metals they buy are only those metals that are created in a responsible and environmentally friendly way. This will be made possible via the Tradewind Origins ecosystem.
The Tradewind Origins was designed in partnership with the Royal Canadian Mint. It makes use of R3’s Corda Enterprise blockchain platform and will track the location of all mines and determine if they are adhering to international standards.
In a recent interview with CoinDesk, Tradewind’s CEO Michael Albanese, the new system would make it possible for miners who adhere to the standards to affix a tag to their products and be able to sell it directly to downstream buyers.
Tradewind Rocks The Crypto World
Tradewind ventured into the blockchain industry in 2016, with the stated purpose of improving the transparency of the gold exchange process. In early 2018, it kicked off its Vaultchain platform. This functioned as a definitive record that detailed ownership of the precious metals at the Mint. In April of that same year, Albanese was drafted from JP Morgan to steer Tradewind into the future.
Gold-backed coins enjoy a lot of use in the crypto world. This is because most crypto folks think that bitcoin is just a better variant of gold. As gold suffers increased counterfeiting, tracking their origin has grown in importance and the number of crypto funds backed with gold has shown a marked increase.
For example, in September 2018, Paxos kicked off a crypto asset backed by gold. In August, InfiniGold showed off its digital tokens. These were backed by gold certificates issued by The Perch Mint, Australia.
Tradewind Origins enhances the appeal of the company and boost its reputation for aiding the development of secure stablecoins backed by precious metals. On the platform itself, only Tradewind, The Mint and miners are equipped with nodes on the platform. No information can be uploaded to the blockchain unless this is first confirmed by Tradewind itself or The Mint.
In a statement attributed to Albanese, he noted that Tradewind intends to address the host of social, corporate and environmental governance standards that at first influenced investments in equities and bonds and are now of importance to precious metals investors. Albanese also asserted that corporations and jewelers are now intent on reducing risks to their reputation.
Their customers as well want to be assured that what they purchase is produced in full accordance with ESG standards. And that is where the Tradewind Origins comes in, by ensuring that the origin of precious metals are certified and everyone involved gets the best possible deal.