GoldGram to deploy a native token on R3's blockchain

GoldGram Pte. Ltd. and R3, announced that they have partnered to develop a native GGC GoldGramCoin token for R3’s Corda blockchain platform. This news was on 10 July.

GoldGram introduced itself as the creator of new digital asset-backed token GGC GoldGramCoin while R3 is the world’s leading developer of enterprise blockchain solutions for business. GoldGram conveyed that GGC is an asset-backed token which is totally backed by physical 99.99% fine gold. GoldGram also conveyed that the token was redeemable for the physical metal at any time.

Laurence Cross, CEO, and co-founder of GoldGram cited – 

“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.”

GoldGram shared insight into the prowess of R3. The token firm noted that R3’s Corda was an open-source enterprise blockchain. The blockchain platform offers privacy, security, interoperability, and scalability. GoldGram added that with the multitude of features offered by Corda, it would enable businesses to transact directly and in strict privacy. GoldGram also emphasized on the availability of smart contracts.

GoldGram conveyed that GGC is an asset-backed token which is totally backed by physical 99.99% fine gold.

David E. Rutter, CEO, and founder of R3 acknowledged the need to have a token like GoldGramCoin on their blockchain. He added that such a provision was one of the most impactful applications of the technology and R3 was focused on it. David further added that the use-cases and applications of GGC are multifold. He finally commented that the real-time pricing and scalability of GGC makes the partnership ideal.

In June, there were reports of R3 and partnering towards the adoption of blockchain. Ripe Technology conveyed information that the move would be towards digitization and enterprise adoption of blockchain. Ripe Technology added that through this collaboration, the company would make use of R3’s Corda Enterprise and Microsoft Azure. This was in a bid to serve its growing food and agricultural customer base.

GoldGram wrapped up by conveying its key industry engagements and that of R3. GoldGram noted that GGC uses proprietary private blockchain technology based on Ethereum and Hyperledger. The Hyperledger element allows GoldGram to store vast amounts of information related to GGC, while Ethereum provides the ability to create a specific token. R3’s global team draws 200 professionals based in 13 countries, supported by over 2,000 technology, financial, and legal experts.