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.
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.”