A partnership between the World Gold Council (WGC) and Swiss-based DLT infrastructure and application provider aXedras Group could make gold trading more accessible and streamlined, though insiders are skeptical, according to a Bloomberg report Sunday.
Fast facts
The WGC’s initiative “Gold247” proposes bringing a major segment of the multi-trillion-dollar gold market into Web3, using blockchain to create a database to track the world’s tradable gold bars.
The next step in the plan could be to create a digital token backed by physical gold that can be more easily traded than the 400 oz gold bars, David Tait, who heads the World Gold Council, told Bloomberg.
In recent years, gold and digital tokens have competed as an investment alternative to stocks, bonds and fiat currency. Bitcoin is often referred to as “digital gold” by some advocates.
The council has tried a merger between the two assets before, helping to launch a gold-backed exchange-traded fund in 2004. However, there are...
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