Tradewind Markets which aims to digitize the precious metal markets has a new CEO. Michael Albanese is joining from JP Morgan where he spent the last 15 years. Most recently he was Global Head of Collateral Management.
The startup runs a B2B electronic trading platform for gold and silver which is powered by IEX technology (not blockchain). Gold bullion is custodied by the Royal Canadian Mint. Its VaultChain solution ties the ownership of digital assets to the physical version and streamlines the settlement process. As the name hints, it’s blockchain based using R3’s Corda technology.
Tradewind Markets has raised $22 million with investors including Bain Capital, IEX, GoldCorp and Wheaton Precious Metals. The company currently supports gold and
silver, and in addition to custody enables provenance tracking with Asahi Refining as one of its clients.
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