IAMGOLD joins Tradewind chain

IAMGOLD Corporation has joined Agnico Eagle Mines, Wheaton Precious Metals Corp, Goldcorp and Sprott as investors in blockchain technology company Tradewind Markets, which has raised about C$22.8 million in capital since early last year.

Staff reporter

Officially launched last month, the Tradewind platform integrated exchange technology with a "tailored blockchain application", VaultChain Gold, to facilitate trading, settlement and ownership of physical gold.

IAMGOLD said in its statement that the platform "securely digitizes vaulted precious metals for the first time, removing structural, technical and frictional limitations from the physical gold market".

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"IAMGOLD will collaborate with Tradewind and other investors with the platform to increase the utility of gold and bring new value for producers, dealers and investors. While the platform will initially target physical gold dealers in North America, new capital will fund the expansion of Tradewind and the distribution network for VaultChain on a global scale," the gold producer's statement said.

IAMGOLD president and CEO Steve Letwin said storing and tracking physical gold on the blockchain gave miners a new way to "unlock value by selling directly to the end user using the Tradewind platform".

"We look forward to working with like-minded peers for the betterment of the gold mining industry, taking control of our own destiny to bring gold into the digital age," Letwin said.