Tradewind Markets, a financial technology company enabling physical assets to be settled and mobilized through digitization, announced this week the launch of Tradewind ORIGINS, an application providing supply chain provenance to parties involved in the sale and purchase of precious metals.
The solution integrates with Tradewind’s existing VaultChain products, which present information on precious metal throughout the supply chain, including the name and geography of the mine where the metal was produced.
Economic, social, and governance standards for precious metal miners are becoming increasingly important and investors make more decisions based on ESG performance
Tradewind designed ORIGINS in
consultation with major industry participants, including the Royal Canadian
Mint and publicly listed mining companies.
Economic, social, and governance
(ESG) standards for precious metal miners are becoming increasingly important
and investors make more decisions based on ESG performance.
Investors
in the business include IEX Group, Sprott Inc., Goldcorp, Agnico Eagle Mines
Ltd., IAMGOLD Corp, and Wheaton Precious Metals Corp.
Tradewind ORIGINS enables
producers to differentiate their metal without requiring market participants to
introduce expensive changes to operational and manufacturing processes, the
company said in a statement.
“We have worked at length with the industry’s major players
and our network of partners to build a provenance application that unlocks the
latent value of precious metals by delivering meaningful data on how, when, and
where the assets were sourced,” Michael Albanese, Tradewind Markets’ CEO said.
Albanese also said Tradewind is
working to establish best practices and ethical sourcing of materials, and aims
to innovate within physical and alternative asset classes using blockchain.
The Royal Canadian Mint accepts the delivery of metal sent from
suppliers, approve or rejects the provided ORIGINS information, and registers
the metal on the Tradewind Platform.
The company said suppliers and
refiners adhere to industry standards, including those advanced by the London
Bullion Market Association (LBMA) and the World Gold Council.