GMEX Group Acquires 30% Stake in USAVE Blockchain

USAVE Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term has announced today that it has partnered with GMEX Group, a provider of multi-asset exchange and post-trade technology. Together, the two companies plan to build the digital Monaco Gold Spot Exchange (MGX).

According to the statement, MGX will allow investors to trade physical gold fairly and on a secure exchange. To create the exchange, GMEX will provide its GMEX Fusion technology suite as part of its Market Advancement Program.

GMEX CEO becomes Director of USAVE

As part of the agreement, GMEX has acquired a 30 percent stake in USAVE. In addition, Hirander Misra, Chairman & CEO of GMEX has also become a Director of USAVE.

USAVE provides an alternative ecosystem for gold production and distribution standards. The exchange aims to be an access point for globally ethically sourced gold, in addition to the gold produced through the USAVE ecosystem.

The exchange will utilize GMEX's ForumMatch, a multi-asset exchange trading platform that supports both traditional assets and tokenized digital assets.

To support the development of the exchange, on July 11, 2018, USAVE announced an Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term). Through the ICO, the company aims to raise a hard cap of $130 million. The pre-ICO sale is scheduled to go live on September 17, 2018.

On the MGX, the USAVE token will be the main means of payment. According to the statement, the exchange will not trade duplicates of international gold derivatives contracts. Instead, it will offer a solution based on the trading of physical gold.

The physical gold will be stored in either USAVE’s vault or will be transferred to the customer’s preferred vault. Furthermore, the exchange will create digital gold assets that can be transferred between investors on the MGX.

Commenting on the partnership, Selim Fendi, Co-Founder and CEO of USAVE said: “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.”

GMEX's commitment to Blockchain

GMEX is well-known for being a supporter of the UK’s blockchain economy. Earlier this year, GMEX was highlighted as one of the leaders in the implementation of blockchain technology. This announcement was in an all-party parliamentary group report on the industry.

Misra, CEO of GMEX also added: “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.”