Zodia Custody, the crypto custodian backed by big banks like Standard Chartered and SBI, will handle the safekeeping of tokenized emeralds, through a partnership with GEMx, a Swiss fintech company that specializes in blockchain-based co-ownership of the precious stones.
The partnership allows access to the gemstone market through the EmGemX token, a way for institutional investors to receive fractional ownership in a diversified portfolio of high-quality emeralds, according to a press release on Wednesday.
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The tokenization of real world assets (RWAs) is bringing the blockchain world closer to traditional finance. In this case, physical emeralds, which have seen an average annual appreciation of around 9%, are stored in vaults and subject to regular, independent appraisals, the release said.
“Partnering with Zodia Custody is a major milestone in our mission to bring institutional trust and stability to the gemstone investment market,” said Paul Poltner, CEO and co-founder of GEMx.
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“With GEMx, we’ve built a framework that delivers real-world value through digital innovation that is secure, auditable, and has been historically inflation-resistant,” Poltner said.
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💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!
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💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!