Gold is finding its way onto the Ethereum blockchain.
What’s happening:
- Toronto based crypto company Wellfield Technologies (TSXV:WFLD) is preparing to launch their tokenized gold ecosystem onto the Ethereum blockchain
- The new venture will enable decentralized spot trading and fractionalized ownership of gold to both individuals and institutions
Why it matters:
- There have been a number of crypto startups pursuing putting gold on the blockchain in an effort to deepen liquidity, increase accessibility to owning precious metals and reduce potential counterparts risks
- Gold is still one of the world’s most important asset classes and has recently been trading near all time highs
Going deeper:
- Wellfield will leverage the infrastructure of their wholly owned subsidiary Tradewind Markets for their tokenized gold ecosystem
- All tokenized gold will represent physical gold that is held in custody by the Royal Canadian Mint
