Blockchain Startup EmTech Secures Investment From Gold Miner Iamgoldbr>
Based in California, EmTech owns and operates Emergent Payments, the Responsible Gold platform and G-Coin. It provides blockchain solutions that track responsibly sourced gold from mine, to refinery, to vault, and then digitizes that gold into secure G-Coin tokens for investing, sending and spending globally. In addition to Iamgold, EmTech backers include Sprott Inc., Valcambi and Yamana Gold Inc.
Iamgold, a mid-tier mining company with four operating gold mines on three continents, said that they invested in Emtech because they believe the firm’s technology brings a unique opportunity for the gold sector to collaborate and further contribute to the improvement of socioeconomic and humanitarian conditions in jurisdictions where precious metals are mined.
“Innovation is a key aspect of the industry’s modernized operating model, and as miners we must begin thinking more strategically to stay sustainable and profitable in the future,” said Steve Letwin, President and CEO of Iamgold. “By placing us at the forefront of an exciting new blockchain-based ecosystem, this investment will allow Iamgold to unlock new value by revolutionizing provenance and efficiency and providing greater transparency in the supply chain. We look forward to working with like-minded peers for the betterment of the gold mining industry and taking control of our destiny by bringing gold into the digital age.”
Emtech said that its Responsible Gold platform reduces the operational expenses associated with gold tracking and trading and improves the security and transparency over traditional supply chain and trading platforms. The company added that the platform will enable Iamgold to deliver new benefits to its stakeholders and move the gold industry forward.
“Together with our partners, we are improving the integrity of the gold supply chain,” said Matthew Keen, EmTech’s Managing Director, Responsible Gold Trading. “Investors and fabricators are increasingly demanding ethically sourced gold from miners and refiners. Our proprietary blockchain technology supports their efforts by providing an immutable and irrefutable record of provenance and chain of custody. For the first time, ethically minded investors can trade G-Coin tokens to access gold’s classic portfolio diversification attributes.”