ZUG, Switzerland & LONDON–(BUSINESS WIRE)–aXedras Group AG (aXedras) announces it has concluded its Series B funding round, including a strategic investment from the World Gold Council (WGC) who will be represented on the Board of Directors by David Tait, CEO of WGC. The aXedras team is excited to have reached this latest milestone and will use this round of funding to move the business into a growth and global scaling phase.
aXedras uses blockchain- / distributed ledger technology to develop and implement a secure, confidential, digital supply chain solution for the precious metals industry, and to immutably document gold from the mine to the end-user.
Urs Röösli, Chief Executive Officer, aXedras commented:
“We are excited to partner with WGC and look forward to expanding on the work we have already done. Our Bullion Integrity Ledger™ provides investors, consumers and all market participants with provenance, integrity and chain of custody credentials. This is a critical step forward for the gold market in its digital transformation; it will help to keep gold relevant for 21st century investors.
“We are participating in the WGC and London Bullion Market Association (LBMA) Gold Bar Integrity Programme pilot to demonstrate how our proven technology ensures the integrity of gold by effectively digitalizing the global gold supply chain.”
David Tait, Chief Executive Officer, World Gold Council commented:
“The WGC recognises that initiatives like the Gold Bar Integrity Programme require industry-wide collaboration but also significant funding to ensure success. This project is essential to improve market infrastructure and that is why we’ve invested in aXedras. We have committed to return any and all commercial revenue earned from this investment, back into the industry, for the benefit and positive development of the global gold market.”
The Gold Bar Integrity Programme, which is now underway, has brought together representatives from the entire gold supply chain. This transformative project is the first step towards a digital industry standard and a more aligned gold industry, enabling it to work together for a more accessible and transparent market. aXedras’ solution, the Bullion Integrity Ledger™ is already being used by major gold refiners and logistics companies, and as a part of the Gold Bar Integrity Programme, the company will now expand this work to pilot participants.
Notes to editors
aXedras provides a secure digital supply chain solution serving the global precious metal ecosystem. As an independent Swiss IT solution provider, aXedras’ objective is to take the precious metal industry to the next level of digitalization. The DLT/blockchain-based Bullion Integrity Ledger™ enables transparency of provenance data (ESG*-proof) and chain of custody in real time. It is a member-based network for peer-to-peer interaction between stakeholders, thus grants trusted and immutable data. The integrity of the product is guaranteed from suppliers, refiners, transporters, vaults, banks, watch & jeweller manufacturers to the end consumer.
The Bullion Integrity Ledger™ ensures the unique combination of efficiency, integrity, traceability and confidentiality of data and business transactions.
aXedras was founded in 2018 and is headquartered in Zug, Switzerland.
Learn more at www.axedras.com
Video: aXedras – Connecting and Digitalizing the Precious Metal Industry – YouTube
*Environmental, Social & Governance (ESG) criteria
World Gold Council:
We’re the global experts on gold.
Leveraging our broad knowledge and experience, we work to improve understanding of the gold market and underscore gold’s value to individuals, investors, and the world at large.
Collaboration is the cornerstone of our approach. We’re an association whose members are the world’s most forward-thinking gold mining companies. Combining the insights of our members and other industry partners, we seek to unlock gold’s evolving role as a catalyst for advancements that meet societal needs.
We develop standards, expand access to gold, and tackle barriers to adoption to stimulate demand and support a vibrant and sustainable future for the gold market. From our offices in Beijing, London, Mumbai, New York, Shanghai, and Singapore, we deliver positive impact worldwide.
You can follow the World Gold Council on Twitter at @goldcouncil and like on Facebook.