Canadian gold miner IAMGOLD Corp. announced a strategic investment in Tradewind Markets, Inc., a financial technology company that uses blockchain to speed up and streamline digital gold trading.
The miner did not elaborate on the investment amount, while Tradewind in its statement said it has closed a $10.6 million strategic placement.
IAMGOLD joined with Agnico Eagle, Wheaton Precious Metals, as well as Tradewind’s existing investors Goldcorp and Sprott, and new investor Sapphire Ventures, to make the strategic private placement.
Tradewind platform, which was officially launched on March 23, 2018, integrates exchange technology with a tailored blockchain application, VaultChain Gold, in order to facilitate the trading, settlement, and ownership of physical gold.
The platform securely digitizes vaulted precious metals for the first time, removing structural, technical and frictional limitations from the physical gold market.
IAMGOLD intends to collaborate with Tradewind and other investors with the platform to increase the utility of gold. The platform will initially target physical gold dealers in North America.
The new capital will fund the expansion of the Tradewind platform and distribution network for VaultChain Gold into international markets including Europe and Asia.
Tradewind has raised a total $22.8 million in capital since inception. The company’s existing investors also include IEX Ventures.
Steve Letwin, President and CEO of IAMGOLD, said, “We are delighted to be an early investor in Tradewind and at the forefront of an exciting new application such as VaultChain. By storing and tracking physical gold on the blockchain, miners will be able to unlock value by selling directly to the end user using the Tradewind platform.”
by RTTNews Staff Writer
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