Dubai's DMCC to get GCC's biggest gold, precious metals refinery in 2022 | Markets – Gulf News
The blockchain movement is picking up speed in the UAE – and now it’s in precious metals refining too.
The DMCC free zone has entered a deal with real estate fund to build a 100,000 square feet precious metals refinery and storage facility – the largest of its kind in the GCC. It will be the first such to “completely enabled” by blockchain. As part of the agreement, REIT Development, which is the real estate fund, has acquired industrial land in Jumeirah Lakes Towers (JLT) vibrant business district.
The facility will be completed in the last quarter of 2022. The facility will refine and store precious metals - gold, silver, platinum, palladium and rhodium - which will be tokenised on goldexchange.com.
Gold Exchange DMCC, a trading platform, will provide access to financial assets in the form of 'stablecoins', namely GoldCoin, SilverCoin, PlatinumCoin, PalladiumCoin and RhodiumCoin. Each Ethereum-based token will represent the current value of one gram of each metal and can be traded on the exchange. The tokens will be physically backed by the precious metals at DMCC’s secure storage facility, "meaning they can be traded with confidence".
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