Perth Mint Partners with ASX-Listed Company to Launch Blockchain-Based Gold Consortium

The Perth Mint, Australia’s official bullion mint, has announced a new project that will expand the scope of an existing partnership with Security Matters in order to launch a new “trueGold Consortium.”

The new Consortium will see the Perth Mint and Security Matters (SMX), who announced a partnership aimed at digitizing precious metal earlier this year, gain equal partnership in a project focused on ethical gold supply chain assurance based on blockchain technology.

TrueGold is a blockchain-based platform designed to track and trace the movement of gold throughout the supply chain process, allowing key stakeholders including jewelry industry leaders, financial institutions, and consumers to ensure gold is ethically sourced.

The TruGold project is aimed at the often difficult to track supply chain ecosystem of the precious metals industry, and is focused on providing greater trust in gold — a key commodity and economic hedge during economic and geopolitical turmoil.

Described as a “mine-to-marketplace ethical gold supply chain assurance” system, the TrueGold platform created by SMX and the Perth Mint will incentivize the sourcing of gold from conflict-free areas, as well as minimize transactional risk. 

The new consortium follows the launch of a new digitized gold token issued by the Perth Mint. The Perth Mint Gold Token was announced in October 2019, and claims the title of the world’s first digital gold token based on a public blockchain network backed by real gold guaranteed by the Australian government.