Royal Mint to offer gold trading with bitcoins in 2017
The firm encourage more bullion trading with expansion of trading platform
by Abi Moses on 11th December, 2016 and updated 18th December, 2016 4:17pm
Logging each transaction using blockchain, a transparent and so-far tamper-proof method of keeping records, The Royal Mint Gold Platform, aims to welcome new traders to their incredibly niche product.
The Telegraph explains that the product will be supported by $1bn in gold bars, or around two tonnes at current prices, which will be stored in the Mint’s vaults in Llantrisant near Cardiff.
“We were looking for a solution that was efficient in handling trading. We didn’t set out with blockchain in mind but we wanted to address the problem that it costs money to vault gold. This is a digital solution to physical gold trading,” said David Janczewski, director of new business at the Royal Mint.
As contributors to the online trading space we at Spread Betting thoroughly look forward to seeing the product in operation.
However, if you would like to trade gold before the middle of next year be sure to check out the various gold spread betting platform on our homepage.
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