CME Group is launching a gold-trading platform inspired by bitcoin
By GCRU Gold News on Thursday, April 13 2017, 00:53 - Permalink
Pretty soon, pension funds and other institutional traders will be able to buy and sell gold on a platform inspired by the digital currency bitcoin.
U.S. futures and options exchange CME Group announced on Tuesday that it is in the final stages of testing a venue for trading spot gold that’s based on the blockchain, the pioneering distributed-ledger technology that powers the bitcoin network.
CME built the platform in partnership with the U.K. Royal Mint, which has helped supply $1 billion in gold bullion to back transactions executed on the network. Blockchain companies AlphaPoint and BitGo helped develop the software and trading platform.