Gold mining company IAMGOLD has made a strategic investment in blockchain-powered fintech firm Emergent Technology Holdings LP (EmTech) gold supply chain and digital token platform.
EmTech's platform enables the tracking of gold from its origin, to the refinement process and then to the vault and is digitized to EmTech's digital currency, G-Coin.
According to IAMGOLD, "G-Coin tokens can be bought as investments, moved easily to transfer wealth or make payments, and are redeemable for physical gold". The company claimed that it was the only blockchain solution that automated the tracking of sourced gold.
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IAMGOLD CEO and president Steve Letwin said: "Innovation is a key aspect of the industry's modernized operating model, and as miners we must begin thinking more strategically to stay sustainable and profitable in the future.
"By placing us at the forefront of an exciting new blockchain-based ecosystem, this investment will allow IAMGOLD to unlock new value by revolutionizing provenance and efficiency and providing greater transparency in the supply chain."
IAMGOLD will join gold mining companies Yamana Gold, Sprott and Valcambi in investing in EmTech's supply chain platform. Letwin said that with the collaboration with other gold mining companies, EmTech offers an opportunity to develop and improve the socioeconomic and humanitarian conditions in jurisdictions where precious metals are mined.
"We look forward to working with like-minded peers for the betterment of the gold mining industry and taking control of our destiny by bringing gold into the digital age," Letwin added.