DinarDirham: Where Gold Meets Blockchain
In July, a FinTech company DinarDirham based in Hong Kong and soon opening an office in Singapore and Dubai, is going to launch an innovative solution based on blockchain in gold industry. DinarDirham will launch its own decentralized wallet with an in-built exchange supporting not only popular digital currencies such as Bitcoin and Ether, but also the company’s own digital assets. After a careful examination of DinarDirham’s activities, we have learned why exactly has this company not only managed to unify two prominent trends of its industry – Blockchain tech and gold investment – but also perfect that union.
The Company Today
The launch of its own wallet is just one step of the company’s development, and it’s certainly not the last one. In 2015 DinarDirham has decided to distance itself from a simple ‘gold trading platform’ format, and its field of operation has expanded immensely since then. According to the company whitepaper, DinarDirham of today is “a company attempting to address the problem of volatility and price discovery by using the existing spot gold market as the underlying pricing mechanism for its digital currency”. In order to achieve that, the company has gathered an international team of experienced specialists; each one of them is a professional at what they are doing – from cutting edge crypto tech to internet marketing, network security and regulated financial institutions.
“If you have an asset that follows real-time gold price, which can be redeemed or claimed for physical gold and if you combine the benefits of digital currencies with benefits of gold as a store of value, in a transparent way, you get a match made in heaven. This is a cheap way to store, trade and use gold globally. Our unique and innovative trading technology based on blockchain makes this possible.”
– Arai Ezzra, CTO and co-founder of DinarDirham
Stelian Balta, CEO and co-founder of DinarDirham, explains why gold and Blockchain should work together:
“Gold is not practical to deal with in today’s global markets, because it’s really cumbersome. Using blockchain, major problems associated with trading and storing gold are being fixed. Blockchain enables transactions to be highly secure, whilst dealing costs virtually disappear.” – Stelian Balta, CEO and co-founder DinarDirham
Stelian Balta and Arai Ezzra share a rather popular point of view. Many industry experts have a similar outlook – people like the CEO of Blockchain Lab Ismail Malik, for example. His point of view is backed by professional experience:
“Gold-Asset management on-the-blockchain holds great potential in reducing friction and enabling trusted transfer of digital gold tokens, transactions & settlements. Blockchain as public distributed ledger technology allows for immutability and transparent accounting of all transactions, a forge proof record of transactions is stored on thousands of nodes across the world so that it is practically impossible to manipulate or more importantly fraudulently change ownership records. My personal belief is that blockchain tech will usher in a new level of transparency & security which will add significant value to the gold industry whilst increasing the number of participants leveraging gold as an asset”. -Ismail Malik, CEO Blockchain Lab
Another positive remark about the synergy of gold and Blockchain comes from Manie Eagar, the founder and CEO of DIGFIN – The Future Of Money:
“With digital tokens linked to an immutable distributed ledger (the blockchain) offering the capacity to register, store and transfer assets is was only logical for goldbugs to start looking at the ‘digitization’ of their assets”. -Manie Eagar, founder & CEO DIGIFIN – The Future of Money
DinarDirham’s spectrum of services goes beyond the simple trading and exchange of digital (BTC, ETH) and fiat (USD, EUR) money; in addition to that, every client has an option to invest their money by buying physical gold. Fresh gold price data is tracked by DinarDirham in real time, which allows the users to make the most conscious and informed investment decisions.
Right now, most of the company’s solutions are built based on Bitcoin 2.0 and its principal structures – Bitcoin’s Blockchain and Ethereum’s Blockchain. But that list is to be continued: the company closely considers further blockchain based system for futher development and currently being researched by DinarDirham.
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