U.SAVE is planning to launch the Monaco Gold Spot Exchange (MGX), which will offer neutral and secure platform for trading of physical eco-responsible gold.
Under the partnership, GMEX will hand over the full GMEX Fusion technology suite to the proposed exchange as a constituent of its Market Advancement Program.
U.SAVE is a provider of disruptive unconventional ecosystem for gold production and distribution standards. The company enables “an ethically sourced gold supply chain from the miner, with connected hardware recording production, through to tracking and fair payments using Blockchain technology”.
The chain ensures visibility and accessibility for all market participants to physically track the yellow metal. Notably, on 11 July, U.SAVE announced an Initial Coin Offering (ICO) to raise $130M for the development of the platform. The pre-ICO sale is set to go live on 17th September 2018.
The MGX platform will be powered by GMEX Fusion suite of products. The platform will be a key point for righteously sourced gold from across the globe, in addition to the yellow metal produced through the U.SAVE ecosystem. In short, the Commodity Exchange will be the unrestricted final block in the U.SAVE value chain.
USAVE ECOSYSTEM
GMEX Fusion will provide MGX with the “ForumMatch multi-asset exchange trading platform supporting both conventional assets and tokenized digital assets,” including matching engine, front-end, market surveillance, market data, reporting, settlement manager and ForumCrypto wallet for custody of digital tokenized gold and other valuable assets.
The platform will run a lightning speed private blockchain and an ultra-secure cold storage integrated with external wallets and a public blockchain providing origin of gold from demand to supply, associating physical gold and storage.
The MGX will enable trading of physical gold and will not offer duplicates of international gold derivative contracts. U.SAVE token, the native crypto of the platform, will be used as the main means of payment. MGX hopes to establish a robust physical market, where physical gold is exchanged and held in the U.SAVE vault or shipped to the customer’s vault of interest.
MGX is also planning to create digital gold assets that can be reassigned to other members of the MGX ecosystem. The platform will also facilitate the transfer of physical gold, as well as the funding of its production by using the gold as a security for a bridge loan.
The platform ensures that physical and digital gold traded through the spot exchange will have highest international standards.
Commenting on the partnership, Selim Fendi, Co-Founder and CEO of U.SAVE, said
We are delighted to partner with GMEX to create a fair and secure exchange for ethically sourced gold worldwide. Our mission is to develop a complete and sustainable gold ecosystem and guarantee the origin of all eco-responsible gold as it moves through the entire supply chain. This partnership allows us to offer an efficient and stable means of physical gold exchange within our ecosystem and use technology to combat the risk of today’s volatile cryptocurrency markets.
Per the agreement, Hirander Misra, Chairman and CEO of GMEX, will act as the Director of U.SAVE. Misra said
We are very pleased to be working with the U.SAVE to fully support their ICO and to expand their ecosystem to include a digital gold exchange underpinned by ethically sourced physical gold. As part of our Market Advancement Programme, this project is another example of how we are committed to using the most appropriate business knowledge and technology whether traditional or digitally enabled by blockchain to bring positive change to commodities markets.
Notably, London-based GMEX has received the recognition as one of the leaders in the implementation of blockchain technology in the All Party Parliamentary Group report on the UK Blockchain industry.