Major Win for aXedras, for Gold, and for All Gold Investors in General!
The hard work that the team at aXedras, the youngest member of our BFI Capital Group, has been putting in behind the scenes with the London Bullion Market Association (LBMA) and World Gold Council (WGC) has paid off in a major way! All 33 members of the WGC, representing the majority of the global, large-scale mining industry, have committed to the Gold Bar Integrity platform, a platform using technology provided by aXedras. In doing so, aXedras is further fortifying their position as a leading data provider for the gold market in the West.
In a press release from September 18, 2023, the World Gold Council announced that all 33 members - all operating mines collectively producing approximately 1,300 tonnes of gold per year, or 40% of the world’s raw gold production - committed to joining the Gold Bar Integrity Programme. The Gold Bar Integrity platform, launched jointly by the LBMA and WGC in 2022, has the goal of digitally tracking the provenance and transparency of gold moving through the global supply chain of custody.
aXedras is the leading solution provider for the Gold Bar Integrity program, utilizing their Bullion Integrity Ledger™ (BIL), a decentralized business network and member-based platform. Their BIL solution aims to connect all global gold industry stakeholders digitally, on the quest to solve issues of origin, integrity, and transparency in the global gold market.
The press release stated that, as a result of this agreement, “This ensures gold enters the Gold Bar Integrity platform ‘at source’ and is a major step in the digitalization of gold across the supply chain. It will provide the gold industry with a robust and verifiable ledger of responsibly mined gold, which will create significant opportunities for new product development and increase gold’s attractiveness as a trusted asset class for existing and new investors and customers.”
David Tait, CEO of the World Gold Council, commented further in the press release: “I am delighted that our members have committed to lead the way in transparency. Pursuing enhanced supply chain transparency is good for the companies who produce, the communities who benefit from employment, training and skills, and investors and consumers, who can be assured their gold has been responsibly produced and responsibly traded. The responsible gold mining industry should be rightly proud of the positive impact they have on the communities and countries where gold is mined.”
Thanks to this decision, we are seeing a further confirmation in the value of the technology solutions being provided by aXedras; aXedras is clearly positioning themselves as a significant leader in the promotion and support of integrity in the global gold supply chain.
BFI Bullion, the BFI Capital Group’s precious metals arm, stands to benefit from their technology as well as they will be an initial precious metals provider helping the flow of gold bars using aXedras’s technology reach the general market.
This is a major win for aXedras, but also one for all gold investors in general!
aXedras Group, founded in 2018, is an independent information technology provider headquartered in Zug, Switzerland. Its objective is to take the precious metals industry to the next level of digitalization. The blockchain-based Bullion Integrity Ledger™ is a member-based trusted data network for peer-to-peer interaction between the stakeholders of the bullion market. The Bullion Integrity Ledger™ ensures the unique combination of integrity, traceability and confidentiality of data and business transactions. Learn more at www.axedras.com.