DMCC is prepared to set up a blockchain-based precious metals refinery and storage facility in Dubai. All precious metals that will be refined onsite will be tokenised and traded on the DMCC’s Gold and Exchange platform. DMCC and REIT Development has signed a Sale and Purchase Agreement aimed to construct a 100,000 square foot precious metal refinery.
Such precious metals will provide backing for asset collaterized stablecoins such as GoldCoin, SilverCoin, RhodiumCoin, PalladiumCoin and PlatinumCoin.
The precious metal refinery and storage facility will be the largest in the Gulf Cooperation Council powered by the Blockchain Technology. This is indeed a new milestone since Blockchain technology can enable more transparent and accurate tracking of precious metal, that ensures no ‘dirty gold’ will be circulated or traded.
The facility acquired by REIT Development will be constructed and expected to open in the last quarter of 2022. This will create a decentralized record of all and every transaction, in order to possibly track all precious metals that are refined and will be sold eventually to over 150 countries.
