Tradewind, a spinoff from 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 Royal Canadian Mint will help Tradewind register physical gold on VaultChain, acting as a custodian for the physical assets but recognizing Tradewind as the gold’s owner. 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:
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.