Tokenization Of Gold: How Blue Gold And TripleBolt Are Taking It To The Next Level
What do you get when you take a large gold asset in Africa and combine it with blockchain innovation? You get Blue Gold Limited’s (NASDAQ:BGL) foray into blockchain-based digital assets backed by gold futures.
The next-generation gold development company, which recently went public on the Nasdaq, just announced a partnership with TripleBolt Technology LLC, to launch a digital token backed by gold futures. Dubbed Blue Gold Token (BGT), it is a blockchain-backed token representing forward contracts for up to 1 million grams of physical gold per vintage. The instruments would offer investors a digitally native, asset-backed instrument that blends the value of gold with the efficiency and transparency of blockchain technology, reports Blue Gold.
Blue Gold is uniquely positioned to do this. The company owns the Bogoso Prestea Gold Mine, located in Ghana’s Ashanti Gold Belt, which is one of the most prolific gold-producing regions in the world. Since 1912, over 9 million ounces of gold have been produced from the site, reports Blue Gold. With 5.1Moz of measured and indicated resources.
Tokenization Of Real World Assets Taking Off
The digital coin is the latest example of decentralized finance, or DeFi, at work. It’s a growing trend in which companies tokenize real-world assets to meet investor demand for digital tokens. Gold is particularly suited for tokenization given that while it is in demand among investors due to inflationary pressure, geopolitical concerns and volatility in …
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