Royal Mint and CME group have teamed up and are developing a first Blockchain based gold trading platform. The main purpose of creating this platform is to cut the costs involved while trading precious metals like Gold, Silver. The platform is going to launch in 2017, in which Royal Mint will be issuing “Royal Mint Gold” or “RMG” that will be traded on the platform. CME group will run the platform.
The main idea is to put the gold bars in their on-site secure vault and further digitising the gold as RMG and the ownership of the gold will be stored on the blockchain. The blockchain will basically be a ledger which will keep track of all the transactions and impossible to be tempered with. One gram gold will be equal to one RMG having worth of 42$.
1g Gold = 1 RMG = 42$
The platform will operate 24/7 and will incur zero gold storage cost. According to Royal Mind, they will be issuing 1$ billion worth of Royal Mint Gold or RMG tokens.
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