Dubai Investors Will be Able to Buy Gold as Digital Asset

Dubai investors will be able to buy gold as a digital asset as the Dubai Multi Commodities Centre (DMCC) free zone launches a new blockchain network.

The freezone has announced a partnership with Comtech Gold to digitise the buying and selling of gold by tokenising the precious metal backed by physical gold bars registered on DMCC Tradeflow.

Special tokens, called Comtech Gold Tokens, will be created on the XinFin Protocol blockchain network and are expected to be based on the deposit of physical gold bars located in DMCC-approved vaults. Each gold bar will be backed by a Tradeflow warrant and will feature unique ID numbers and certificates direct from the refiners.

With this innovation, investors and traders will now be able to buy as little as one gram, as each token represents one gram of gold. Moreover, the tokens are Shariah compliant and are fully backed by physical gold in the form of 1kg gold bars of 999.9 purity from globally-renowned brands.

Ahmed Bin Sulayem, CEO of DMCC said:

Recent market events have highlighted the need for greater transparency and crypto tokens backed by underlying, real-world assets. Our partnership with Comtech Gold to enable the trade of tokenised gold bullion backed by DMCC Tradeflow warrants addresses this need head-on.

Navin D’Souza, CEO of ComTech Gold, said that 122 kgs of gold have already tokenised.