The technology company Meld, which is at an early stage, said its new partnership will go beyond offering a gold-backed token. It wants to map the entire Australian gold supply chain on Algorand’s blockchain. Several companies, including Paxos, have issued stablecoins that are backed with physical gold. But an Australian start-up wants to go beyond token offering and target the entire gold supply chain. Brisbane-based company Meld announced late Tuesday that it has partnered with Algorand and the Australian gold industry to integrate the gold supply chain into the blockchain.
Both through counter and online
According to Cotton, Meld differs from other players in this area in that consumers will be able to do business with gold traders both through the counter and online. Large and small companies such as pawnshops, scrap dealers, mints, refineries and safes will be able to join the partner network to refine and sell their gold. In addition, traditional gold investors and new users can tap into members of the partner network to withdraw their gold on request and have their gold delivered.