GMEX USAVE, to Build Secure Digital Exchange for Gold

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

GMEX

GMEX Acquires 30% Stake in USAVE, to Build Secure Digital Exchange for Physical Gold

July 26, 2018

USAVE Blockchain

GMEX Group, the provider of innovative multi-asset exchange and post trade technology has announced the acquisition of 30 per cent stake in USAVE Blockchain. Together the companies will build digital Monaco Gold Spot Exchange (MGX) enabling fair and secure trading of physical eco-responsible gold. With acquisition of stake, GMEX Chairman & CEO, Hirander Misra, also became the Director of USAVE.

To create the exchange, GMEX will provide its GMEX Fusion Technology suite as a part of its Market Advancement Program. The exchange powered by the full GMEX Fusion suite of products, the MGX will be an access point for legally sourced gold from around the world, in addition to the gold produced through the USAVE ecosystem. MGX will act as the accessible final block in the USAVE value chain.

USAVE provides an alternative ecosystem for today’s gold production and distribution standards. Thus allowing ethically sourced gold supply chain from the miner with connected hardware recording production, through to tracking and fair payments using Blockchain technology. This allows for greater visibility and accessibility for a wider market to physically trace gold and enables human transformation for mining communities globally. Also, the physical gold will be stored in USAVE’s vault or will be transferred to the customer’s preferred vault.

Hirander Misra, Chairman and Chief Executive Officer of GMEX Group
Hirander Misra, Chairman and Chief Executive Officer of GMEX Group

USAVE, on 11th of July announced an ICO to power the development of the platform with an aim to raise $130 Mn. Its pre-ICO sale is scheduled to go live on 17th September 2018.

Selim Fendi, Co-Founder and CEO of USAVE commented:

“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.”

Hirander Misra, Chairman & CEO of GMEX further commented: “We are very pleased to be working with the USAVE 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.”

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