Australian startup Meld Gold will launch a blockchain-based platform for tokenized gold trading in the third quarter of 2020. Meld Gold said the platform will offer a digital method to buy and sell physical gold that is more efficient and transparent than traditional gold markets. Unlike other gold-backed tokens, the issuer doesn’t have a stash of gold in its own custody — rather each token represents one gram of gold held across different companies in the network, including the Melbourne Mint.
Meld Gold to launch platform on Algorand
The original prototype platform was built on Ethereum (ETH) in mid-2019, but the final version is being built in partnership with Algorand (ALGO). It’s due to launch in July or August. AJ Milne, Meld Gold’s general manager, told Cointelegraph that it has already inked partnerships with “multiple businesses in the gold supply chain that will start “utilizing the platform immediately upon launch.”