With Algorand – Australian FinTech, Meld turns gold into a digital commodity

Meld gold, an early-stage tech company in Australia, has developed a digital platform that aims to change the way gold is bought and sold.

meld gold will fit into the global supply chain for gold which can offer much greater consumer value by smooth trade and faster delivery, as well as drastically reducing the current sluggish manual processes.

Investors and customers should be willing to utilize a worldwide network of alliances and gold providers to trade in both tangible gold and digital gold tokens.

Meld Gold also collaborated with the world’s leading blockchain software Algorand, Silvio Micali’s award-winning brainchild, Department of Electrical Engineering and Computer Science at the MIT in Boston.

Michael Cotton, Meld Gold’s CEO, said the network ensures that those on the supply chain for gold including mints, refineries, dealers and vaults have access to technology that links them easily and efficiently.

“This adds first-time openness to the gold sector by binding buyers and sellers directly on a digital forum.

Although others label cryptocurrency ‘digital gold, Meld is a true connection to the actual gold industry,’ Peter August, CEO of Melbourne Mint, Australia’s largest bullion dealer, said.

many firms have sought to build their own variant of gold-backed coins, but what meld does is new: they use blockchain technologies not just to mimic but also to boost the real gold sector.

The main advantages of the Meld system, operated by Algorand, are:

●Efficiency: Suppliers and consumers work together, allowing them to improve demand and profit margins.

Free distributed ledger ● Transparency: Payments are pre-mapped and recorded on the blockchain.

Accessibility: Customers can conveniently buy/sell Meld Gold through a digital wallet or in person through OTC gold dealers and meld associates, while exchanges can improve liquidity by several on- and off-ramps to cryptocurrencies

algorand’s blockchain technology was developed to facilitate secure and open transactions through asset classes, optimizing value for those concerned, said steve kokinos, algorand’s ceo.

companies pursuing portable, high-speed connectivity are preferring algorand’s blockchain framework to develop their applications.

“Essentially, Meld is building an on-ramp blockchain for the gold sector, and vice versa: the whole gold business can now be connected to the retail investment industry,’ said Henrik Andersson, Chief Investment Officer of Apollo Capital, a leading Australian crypto fund.

Meld Gold has chosen Algorand after evaluating other blockchain systems as ideally positioned to bind all components of the gold marketplace: taking manufacturers, sellers, and customers directly to where they choose to sell their properties.

Algorand has also proved successful in driving several asset tokenization usage cases, such as the Marshall Islands’ first state-backed digital money, a prototype World Chess IPO and Monerium’s foreign currency purchases.

This content was originally published here.

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