According to a report published on Sunday by Bloomberg, some industry insiders are skeptical about a partnership between the World Gold Council (WGC) and aXedras Group, a Swiss-based provider of DLT infrastructure and application, which will make gold stock trading easier to access and more streamlined.
The “Gold247” effort of the World Gold Council (WGC) seeks to integrate a significant portion of the multi-trillion-dollar gold stock market into Web3 by utilizing blockchain to construct a database that would monitor the world’s marketable gold bars.
David Tait, the president of the World Gold Council, told Bloomberg that the next phase in the concept might be to establish a digital token backed by actual gold that can be traded more readily than the 400 oz gold bars.
Gold Stock and Digital Token
In recent years, gold and digital tokens have competed with stocks, bonds, and conventional cash as an alternative form of investment. Bitcoin is frequently referred to as “digital gold” by proponents of cryptocurrency.
In 2004, the council participated in the establishment of a gold-backed exchange-traded fund. During that time, they attempted a merger between the two assets. According to Bloomberg, however, several obstacles may prohibit regular investors from exchanging their ETF shares for physical gold bars.
According to the WGC, the initiative’s planned gold-based tokens will “defragment” the gold stock market instead. This would result in more accessibility and transparency of the actual physical commodity and increased demand from ordinary investors.
According to a report from Bloomberg, participants in the market who gathered on October 16 for a conference were doubtful that Gold247 would acquire momentum because so many prior attempts to disrupt the market had failed.
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Author Valerie Remorosa 
