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IEX Spinoff Tradewind Launches Blockchain Platform for Gold Trading

IEX Spinoff Tradewind Launches Blockchain Platform for Gold Trading

Tradewind, which is backed by stock trading firm IEX, has launched a blockchain-powered gold trading platform.

The firm, whose principals were the subject of the best-selling book “Flash Boys,” kicked off its VaultChain platform last week. As previously reported, the company is working with major companies like the Royal Canadian Mint and gold giant Sprott Inc. The effort is the latest to bridge the technological underpinnings of cryptocurrencies in a gold-trading environment.

The company dates back to 2016, pursuing an effort to provide transparency to the precious metals trading marketplace.

The Royal Canadian Mint will store the gold for Tradewind, using the company’s blockchain as the authoritative record of title for ownership. The Mint will, therefore, be able to deliver gold on behalf of Tradewind to any customers, according to statements. Customers would then be able to own the gold through a digital wallet on VaultChain.

Tradewind president and co-founder Matt Trudeau said he believes that the ownership and trading of precious metals will become digitized, and his startup’s platform will help streamline the transition to an entirely digital marketplace.

He said of the launch:

“Gold and blockchain technology form a uniquely compelling marriage, and we created our platform to enable the gold market to respond to a number of systemic challenges and remove prior limitations.”

Another co-founder, Mike Haughton, said that the platform can “directly link precious metals’ producers, custodians, market makers, dealers and investors,” making the trading process much more efficient than current means allow.

Gold bar image via Shutterstock

This article has been corrected for clarity. 

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https://www.coindesk.com/iex-spinoff-tradewind-launches-blockchain-platform-gold-trading/

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