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Tradewind adopts blockchain for increased transparency in precious metals market

The financial markets have been shifting slowly towards the blockchain technology as they make upgrades in the market. A similar step has been taken by the fintech company Tradewind Markets that has decided to launch its blockchain app.

Tradewind ORIGINS is the blockchain app that would help the users to trade and make settlements for the physical assets to be settled and mobilized through digitization. This application will be used for providing supply chain origin to the traders who are involved in the sale and purchase of precious metals.

Tradewind ORIGINS to follow ESG standards

Tradewind ORIGINS will work with the existing product VaultChain, which provides information about various precious metals along with their name and location of the area from where the mining took place. The platform was designed in collaboration with several major industry participants, which includes the Royal Canadian Mint and other mining companies.

The precious metal miners have been following the Economic, Social, and Governance (ESG) standards for mining, and they have become important for the miners to make decisions based on these performance standards. IEX Group, Sprott Inc., Goldcorp, Agnico Eagle Mines Ltd., etc. are the investors in the business.

Tradewind and its contribution

The Tradewind blockchain app would help the producers to choose their metal market without requiring any market participation or introducing any expensive changes to the operational or manufacturing processes. Tradewind is working in the direction of establishing new practices and ethical sourcing of materials for the market, and they wish to innovate the market using blockchain.

The Royal Canadian Mint is working with ORIGINS as they accept the delivery of the metals from the suppliers, provide ORIGIN the information about the approval or rejection, and then the metals are registered on the Tradewind Platform. The company further added that the suppliers and refiners have been following the industry standards that were set by the London Bullion Market Association (LBMA) and the World Gold Council.

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