Gold miner IAMGOLD Corporation has made a strategic investment which will enable it to track the provenance of responsibly sourced gold using blockchain technology.
The investment is specifically in Emergent Technology Holdings (Emtech), a financial technology company based in Santa Clara, California. Its blockchain-based technology solutions track responsibly sourced gold from mine, to refinery, to vault, and then digitises that gold into secure G-Coin tokens for investing, sending and spending globally.
EmTech operates in more than 70 high-growth markets across Asia-Pacific, Latin America, Africa and the Middle East. Its proprietary blockchain technology reduces the operational expenses associated with gold tracking and trading and improves the security and transparency over traditional supply chain and trading platforms.
IAMGOLD joins partners that include Sprott Inc., Valcambi sa and Yamana Gold Inc., in investing in EmTech's innovative gold supply chain and digital token platform.
EmTech's Responsible Gold supply chain application is the only blockchain solution that automates the tracking of responsibly sourced gold from origin to vault. After the gold is digitised into G-Coin tokens, which are digital certificates of title to responsibly sourced gold, they can be bought as investments, moved easily to transfer wealth or make payments, and are redeemable for physical gold.
EmTech's G-Coin tokens are the foundation for a liquid, digital gold trading market.
"We are thrilled to be an early investor in Emergent Technology," says Steve Letwin, President and CEO of IAMGOLD.
"Innovation is a key aspect of the industry's modernised 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 revolutionising provenance and efficiency and providing greater transparency in the supply chain.”
“EmTech also brings a unique opportunity for the gold sector to collaborate and further contribute to the improvement of 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."
G-Coin tokens will be available for purchase later this year.