Thursday, April 5, 2018

Ripple jumps on the gold backed cryptocurrency bandwagon with new partnership to deal in precious metals

For most in the cryptocurrency sphere, Ripple is known as the 'Banker's Coin' as its primary mission is to help integrate banking platforms onto the blockchain.  But now on April 5 we can add a new addition to its overall scope as Ripple has signed into a partnership with BPG Group to accommodate the trading of precious metals on the Blockchain.

Known as eMetals, this Ripple formulated gateway will facilitate its ledger technology to help boost BPG Group's outreach which already exists in its own gold backed crypto known as XAU.

Best known for its use within the banking and finance sector, Ripple has recently partnered with a Slovenian company (BPG Group) to facilitate the exchange of physical metals using its consensus ledger technology. 
As per the company’s recent press release, eMetals will utilize the existing operational framework of London Precious Metal Clearing Limited while offering the transparency of an exchange-traded asset. The document also reads: 
“Distributed ledger technology is a game changer and supplying metals on the Ripple blockchain is solving many challenges that have traditionally been part of the user experience with exchange-traded funds or physical precious metals. Ripple implementation in metals trading is just the start of the adoption of blockchain technology which will radically transform this market sector.” - Cryptoslate

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