The fintech company, Tradewind, has added silver to its precious metals trading platform. The exchange will now settle all gold and silver transactions on the VaultChain blockchain and offers traders a secure and low-cost method for precious metals trading and storage.
This sees Tradewind further enhance their services. The firm was on one of the first fintech companies to offer blockchain settled physical gold trading.
The start-up, founded in 2016, has already partnered with Dillon Gage, Kitco, NABX and OneGold and styles the VaultChain platform as a third-generation settlement and storage method.
VaultChain is different from gold or silver ETFs. While each unit of an ETF represents equity ownership in an organization which holds physical precious metals, buying gold or silver using VaultChain represents actual ownership.
The Royal Canadian Mint stores the traded precious metals and clients can ask the Mint for their gold or silver to be physically delivered to them.
Daniel Izzo, Manager at Tradewind’s client SCMI USA Inc., commented: “As a global leader in the precious metals business – SCMI US Inc. is always looking to leverage developments in technology to better serve our customers. With the recent addition of silver to complement its current gold offering, the Tradewind platform provides SCMI US Inc. with an opportunity to capture efficiencies through the digital trading and custody of these precious metals.”
“Our customer base has expressed strong interest in a digital silver solution to complement our gold products, making it a logical next step in our development,” said Steve Lowe, Head of Business Development at Tradewind. “Users can now digitally trade and custody silver alongside their gold positions, and importantly, offer another compelling investment solution to their end clients.”
VaultChain uses R3’s smart contracts platform Corda.