SINGAPORE and NEW YORK, July 10, 2019 /PRNewswire/ -- GoldGram Pte. Ltd., creator of the new digital asset-backed token GGC GoldGramCoin®, and R3, the world's leading developer of enterprise blockchain solutions for business, announced today that they have entered into a partnership program agreement to develop a native GGC GoldGramCoin token for R3's Corda blockchain platform.
Unveiled in May, GGC is an asset-backed token inextricably backed 100% by physical 99.99% fine gold and redeemable for the physical metal at any time. R3's Corda is an open source enterprise blockchain platform that delivers privacy, security, interoperability and scalability, enabling businesses to transact directly and in strict privacy using smart contracts.
Laurence Cross, CEO and co-founder of GoldGram said: "The significance of a native GoldGramCoin token built on R3's popular Corda platform, in addition to our existing ERC-20 token, means that all parties who use Corda – many of whom are institutional banks and insurance companies – can utilize GGC as a stand-alone digital currency token for payments, atomic swaps and other financial transactions."
David E. Rutter, CEO and founder of R3, said: "We have long been of the view that enabling the issuance, trading and settlement of quality asset-backed tokens, like GoldGramCoin, on a blockchain platform is one of the most impactful applications of the technology and it has become a key focus for R3. The applications and use-cases for GGC are extensive. The real-time pricing and scalability of GGC makes the partnership a logical fit for the Corda platform."
About GoldGram Pte. Ltd.
GoldGram offers a new asset-backed token, GGC GoldGramCoin, a digital currency inextricably backed 100% by physical 99.99% fine gold. Redeemable at any time, GGC uses a proprietary private blockchain technology based on Ethereum and Hyperledger. The Hyperledger component allows GoldGram to store vast amounts of information pertaining to GGC, while Ethereum provides the ability to create an ERC-20 token offered as an audited, secure "smart" contract with live prices of gold. GGC enables investors to digitally transfer stored gold around the world, in one-click, at the speed of an instant message. GGC is a medium of exchange, a unit of accounting and a store of value – the true definition of money. Fully automated and highly liquid, it is intrinsically linked to underlying gold in a secure vault. The token can be purchased, sold and redeemed at the live price of gold. GGC connects the traditional trading world with the digital asset world, paving the way for market participants to trade GGC against other financial instruments, whether they are traditional gold-based products, fiat currencies or other digital assets. Follow GoldGram on Facebook or LinkedIn.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3's global team of over 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.