- Goldcorp Inc. and Tradewind Markets, Inc., a financial technology company revolutionizing the way gold trades, announced that Goldcorp deposited the first gold onto Tradewind's blockchain, known as VaultChain™, as the "genesis block". A genesis block is the first block in a blockchain and represents a tremendous milestone for blockchain technology.
Goldcorp's 3,000 ounce gold deposit, valued at US$4 million
, originated from the storied Red Lake Gold Mines complex and is the first example of blockchain technology being used to record and manage physical precious metals in an institutional setting. Goldcorp will be able to sell gold directly to dealers and banks using the Tradewind platform, expanding access to a new market structure and a highly efficient, electronic pricing and liquidity venue.
"We are excited to be an investor in Tradewind and participate in the launch of VaultChain, a cutting-edge technology that integrates physical gold into a blockchain," said David Garofalo
, President and CEO at Goldcorp. "We believe physical gold stored on a blockchain will increase the utility of the commodity and, ultimately, drive value in the price of gold. We are thrilled to be an early adopter of this 21st
century platform and deposit its first bar of gold."
"We are pleased that the genesis block of VaultChain was created with Goldcorp. It is a demonstration of their leadership and vision as an innovator in the gold market and we thank them for their support in launching the Tradewind platform," said Matt Trudeau
, President and co-founder of Tradewind. "We believe that our technology will enable gold producers like Goldcorp to overcome existing limitations and move into the electronic age."
Tradewind and Goldcorp will collaborate to continue building the platform and add value for producers, dealers, refineries and investors. Tradewind was a #DisruptMining finalist in 2017, the mining innovation accelerator designed to encourage new technologies and ideas to solve some of the biggest challenges in mining.
Mr. Garofalo added, "We believe Tradewind has the potential to change the gold investment industry like the introduction of ETFs did over 10 years ago."
For more information visit www.goldcorp.com or www.tradewindsmarkets.com.