Genesis block in world's first institutional
blockchain to store hard assets
VANCOUVER, March 29, 2018 /PRNewswire/ - Goldcorp Inc. (TSX:
G, NYSE: GG) ("Goldcorp") and Tradewind Markets, Inc.
("Tradewind"™), a financial technology company revolutionizing the
way gold trades, announced that Goldcorp deposited the first gold
onto Tradewind's blockchain, known as VaultChain™, as the "genesis
block". A genesis block is the first block in a blockchain
and represents a tremendous milestone for blockchain
technology.
Goldcorp's 3,000 ounce gold deposit, valued at US$4 million, originated from the storied Red
Lake Gold Mines complex and is the first example of blockchain
technology being used to record and manage physical precious metals
in an institutional setting. Goldcorp will be able to sell gold
directly to dealers and banks using the Tradewind platform,
expanding access to a new market structure and a highly efficient,
electronic pricing and liquidity venue.
"We are excited to be an investor in Tradewind and participate
in the launch of VaultChain, a cutting-edge technology that
integrates physical gold into a blockchain," said David Garofalo, President and CEO at Goldcorp.
"We believe physical gold stored on a blockchain will increase the
utility of the commodity and, ultimately, drive value in the price
of gold. We are thrilled to be an early adopter of this
21st century platform and deposit its first bar of
gold."
"We are pleased that the genesis block of VaultChain was created
with Goldcorp. It is a demonstration of their leadership and vision
as an innovator in the gold market and we thank them for their
support in launching the Tradewind platform," said Matt Trudeau, President and co-founder of
Tradewind. "We believe that our technology will enable gold
producers like Goldcorp to overcome existing limitations and move
into the electronic age."
Tradewind and Goldcorp will collaborate to continue building the
platform and add value for producers, dealers, refineries and
investors. Tradewind was a #DisruptMining finalist in 2017, the
mining innovation accelerator designed to encourage new
technologies and ideas to solve some of the biggest challenges in
mining.
Mr. Garofalo added, "We believe Tradewind has the potential to
change the gold investment industry like the introduction of ETFs
did over 10 years ago."
About Goldcorp www.goldcorp.com
Goldcorp is a senior gold producer focused on responsible mining
practices with safe, low-cost production from a high-quality
portfolio of mines.
About Tradewind
Tradewind has built a technology
platform for digitizing the trading, settlement, and ownership of
precious metals. The Tradewind solution combines world-class
exchange technology with a blockchain application tailored for
precious metals. Tradewind was incorporated in 2016 and is managed
by a team of professionals with extensive experience in electronic
trading, gold investment management, market operations and
blockchain technology. For more information please visit
https://tradewindmarkets.com.
Cautionary Note Regarding Forward-Looking Statements
Certain disclosures in this document constitute forward-looking
statements. In making the forward-looking statements, the Company
has applied certain factors and assumptions that are based on the
Company's current beliefs as well as assumptions made by and
information currently available to the Company, including that the
Company is able to execute the challenge in accordance with the
terms described herein. Although the Company considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect, and the
forward-looking statements are subject to numerous risks,
uncertainties and other factors that may cause future results to
differ materially from those expressed or implied in such
forward-looking statements. Such risk factors include, among
others, those matters identified in its continuous disclosure
filings, including its most recently filed annual information form.
Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE Goldcorp Inc.