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The Royal Mint will start gold commerce on blockchain

The Royal Mint

The Royal Mint

The British Royal Mint in collaboration with CME Group is working on a tool for precious metals trading grounded on blockchain and for traders it should be available next year.

The developed output yclept Royal Mint Gold (RMG) is designed to radically vary the perception of traders and investors upon precious metals commerce and transactions.

"The Royal Mint has the exceptional history and proven standing, which developed over the centuries, but until now we did not submit the possibility of a digital physical gold commerce. Developed in conjunction with CME Group the trading platform will fulfill the requirements of customers who want to get a quick, cheap and reliable methods of purchase, storage, and sale of ocher and will add the line of existing products ", - noted CFO of the Royal Mint Vin Vayeratne.

The developed commerce platform will act 24 hours a day, 365 days. In contradistinction to the traditional model of the spot price, which involves commissions to intermediaries and paying for storage of precious metals, RMG will offer the possibility of converting physical ocher out of any payment.

As the original proposal is scheduled to release RMG in the sum of $ 1 billion, then the issue will be determined by market demand.

The history of the Royal Mint begins since 886 years. More than 500 years the courtyard located in the Tower of London then was transferred to the converted for it a building of the Abbey of St. Mary. In 1968, the court moved to Llantrisant in South Wales. In 2009, the Royal Mint was been transformed into the Royal Mint Ltd., the capital of it belongs to the Royal Treasury.

CME Group is one of the world's largest options, futures exchange and operator of S & P 500 and Dow Jones Industrial Average indexes. Earlier this month, the company, in partnership with the London Crypto Facilities has launched public indexes - Bitcoin RTI and BRR. Indices show the status of Bitcoin prices on the basis of data trading on the largest cryptocurrencies exchanges in Asia, Europe, and North America.

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