This month DinarDirham , a decentralized gold trading platform based in Hong Kong, is launching its own wallet with an in-built exchange supporting not only popular digital currencies such as Bitcoin and Ether, but also the company’s own digital assets. What is DinarDirham
In 2015, DinarDirham decided to distance itself from a simple ‘gold trading platform’ format, and its field of operation has expanded since then.
According to the company whitepaper , DinarDirham is “a company attempting to address the problem of volatility and price discovery by using the existing spot gold market as the underlying pricing mechanism for its digital currency”.
Arai Ezzra , CTO and co-founder of DinarDirham, says: “If you have an asset that follows real-time gold price, which can be redeemed or claimed for physical gold and if you combine the benefits of digital currencies with benefits of gold as a store of value, in a transparent way, you get a match made in heaven. This is a cheap way to store, trade and use gold globally. Our unique and innovative trading technology based on blockchain makes this possible.” Why gold and Blockchain?
Stelian Balta , CEO and co-founder of DinarDirham, explained to CoinTelegraph why gold and Blockchain should work together.
Balta says: “Gold is not practical to deal with in today’s global markets, because it’s really cumbersome. Using blockchain, major problems associated with trading and storing gold are being fixed. Blockchain enables transactions to be highly secure, whilst dealing costs virtually disappear.” Ismail Malik , CEO at Blockchain Lab , agrees that gold-asset management on-the-blockchain holds great potential in reducing friction and enabling trusted transfer of digital gold tokens, transactions and settlements. He believes that Blockchain as a public distributed ledger technology allows for immutability and transparent accounting of all transactions as a forgery-proof record of […]
