TechFlow news, September 3 — According to Jinshi Data citing the Financial Times, the World Gold Council is seeking to launch a digital form of gold, which could transform London's $900 billion physical gold market by creating new ways to trade, settle, and collateralize gold.
David Tait, CEO of the World Gold Council, said in an interview that this new format would make it possible for "gold to be digitally transferred as collateral within the gold ecosystem for the first time." While many investors value gold precisely for its physical nature and lack of counterparty risk—regarding it as a safe-haven asset—Tait believes gold must go digital to expand its market reach.
"We're trying to build a standardized digital layer for gold so that financial products used in other markets can eventually be applied to the gold market," Tait said. "My goal is to get a broad range of global asset managers to reconsider gold."
