Tradewind Markets, a financial technology company enabling physical assets to be settled and mobilized through digitization, announced this week the launch of Tradewind ORIGINS, an application providing supply chain provenance to parties involved in the sale and purchase of precious metals.
The solution integrates with Tradewind’s existing VaultChain products, which present information on precious metal throughout the supply chain, including the name and geography of the mine where the metal was produced.
Tradewind designed ORIGINS in consultation with major industry participants, including the Royal Canadian Mint and publicly listed mining companies.
Economic, social, and governance (ESG) standards for precious metal miners are becoming increasingly important and investors make more decisions based on ESG performance.
Investors in the business include IEX Group, Sprott Inc., Goldcorp, Agnico Eagle Mines Ltd., IAMGOLD Corp, and Wheaton Precious Metals Corp.
Tradewind ORIGINS enables producers to differentiate their metal without requiring market participants to introduce expensive changes to operational and manufacturing processes, the company said in a statement.
“We have worked at length with the industry’s major players and our network of partners to build a provenance application that unlocks the latent value of precious metals by delivering meaningful data on how, when, and where the assets were sourced,” Michael Albanese, Tradewind Markets CEO said.
Albanese also said Tradewind is working to establish best practices and ethical sourcing of materials, and aims to innovate within physical and alternative asset classes using blockchain.
The Royal Canadian Mint accepts the delivery of metal sent from suppliers, approve or rejects the provided ORIGINS information, and registers the metal on the Tradewind Platform.
The company said suppliers and refiners adhere to industry standards, including those advanced by the London Bullion Market Association (LBMA) and the World Gold Council.