The Perth Mint and Security Matters Ltd launch trueGold Consortium
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Special Report: Security Matters has launched its anticipated anti-fraud solution for gold, trueGold. This is the world’s first mine-to-marketplace ethical gold supply chain assurance solution.
Security Matters (ASX: SMX), a company focused on digitising physical objects on the blockchain to enable a circular and closed loop economy, has officially launched trueGold, a co-owned entity with The Perth Mint Australia.
trueGold is the world’s first mine-to-marketplace ethical gold supply chain assurance solution and is backed by a plethora of renowned mining kingpins.
trueGold will now commence a capital raise via its global network of strategic and investment partners to finalise development and fully launch its proprietary mine-to-marketplace ethical gold supply chain assurance solution.
The establishment of trueGold’s global tech platform is aimed at helping to enhance, complement and promote the current ESG frameworks provided by the World Gold Council (Responsible Gold Mining Principles) and London Bullion Market Association (Responsible Gold Guidance).
It seeks to achieve this by offering a technology and blockchain platform to promote and drive integrity, anti-counterfeiting, corporate transparency, accountability and sustainability across the gold industry value chain.
Newly appointed chairman of trueGold, Hugh Morgan AC, said he is pleased to be appointed to the team and that the company’s technology of providing an authentication mark of the pathway gold takes from mine to consumer or investor is second to none.
Mr Morgan AC stated that, “The technology is a disruptive and novel process to enable tracing of gold production thereby enabling the consumer and investor to have confidence in any representation the gold is derived from sources applying the environmental and operational standards consistent with those set by the World Gold Council and the London Bullion Market Association.
“trueGold is proud to be associated with leading participants in the gold industry in fulfilling the objectives each has sought to provide to this important industry.”
The small cap deals in a state-of-the-art supply chain integrity and asset tracking blockchain technology, focused on creating digital twins to all physical object by irrevocably marking and tracking a range of fungible products and substances to create an end-to-end transparency solution.
It could also facilitate a collaborative effort for the Gold industry to increase transparency around gold sourcing in the face of growing public awareness and ESG expectations, such as the largest gold fraud in history by Wuhan-based, Nasdaq-listed Kingold Jewellery — one of China’s largest jewellery manufacturers — which has been accused of using 83 tonnes of fake gold bars as collateral for 20 billion yuan ($4.1bn) in loans.
Australian mining businessman Hugh Morgan has been appointed as trueGold’s chairman, while businesswoman Zeren Browne is the new managing director.
Morgan has over 30 years’ experience in the mining and investment sectors, and Browne previously led the marketing and commercial activities of brands under world-leading conglomerates LVMH and Estee Lauder, bringing 18+ years of global marketing and brand management experience to trueGold.
“We are delighted to welcome both Hugh Morgan AC and Zeren Browne to the team. They bring a wealth of experience in their respective sectors and we are confident trueGold will be a global success being led by such a highly skilled and qualified team,” said Security Matters CEO, Haggai Alon.
“We have all been working incredibly hard behind to scenes to guarantee the success of trueGold on launch and the impending roll out of its offering.”
Previous President of Asahi Refining NA, former Chairman of the London Bullion Market Association and veteran of the gold industry Grant Angwin, was engaged to conduct an independent review of the business framework, from which trueGold expects and strong start to commercial life.
“The commercial potential is vast as trueGold’s technology can be embedded in the gold itself and the data contained within, can be read in a non-intrusive manner. trueGold has overcome the biggest challenge in the gold industry – how to track & trace the gold without affecting either the quality or appearance of the gold,” said Angwin.
“trueGold has the capability to operate in every facet of the gold industry, concerning ethical sourcing, traceability, fake gold, inventory control and recycling of gold.”
trueGold is currently in advanced negotiations with Security Matters to use its supply chain, authenticity and brand liability technology in the development of its own mine-to-marketplace offering.
Negotiations are expected to conclude in the coming months and full commercial roll out of trueGold’s offering is expected to take place later Q1 2021.
SMX has granted trueGold a licence to use all intellectual property it owns or licences relating to the SMX technology for the purposes of the marking of gold as a precious metal.
This article was developed in collaboration with Security Matters a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.