Ripple’s new gateway – ‘eMetals’ to trade physical metals using XRP’s technology

Ripple is one mystery coin with resources in abundance. Trading at $0.535 currently and ranked as the 3rd best coin with a whopping $20 billion market cap, Ripple [XRP] is slowly gaining its momentum. Ripple is well known for its inter-operability focus and inter ledger projects for cross-border payments.

Ripple at the beginning of April is introducing a new gateway. BPG Group is all set to launch a new Ripple gateway called ‘eMetals’, according to their tweet.

BPG Group recently tweeted:

“Use the #Ripple network to buy, spend and trade #Gold, #Silver, #Platinum, #Palladium and #Rhodium (XAU, XAG, XPT, XPD and XRH). For more information please visit eMetals platform”

BPG Group, a precious metal refiner ensures efficient processing of industrial scrap throughout Europe from various industries. They refine, recycle, fund management and also allow trading. Their shares are traded on the Vienna Stock Exchange. Users can buy either physical metals or digital gold on Ripple through them. They are now on track to launch a new issuing gateway on the Ripple consensus ledger. They have identified significant market potential in the network in conjunction with the digitization of physical metals.

The company has offered an alternative way to invest in, and trade, physical metals by combining the performance of the London clearing system with the transparency of an exchange-traded asset.

Ripple network can be used to buy, spend and trade metals like Gold, Silver, Platinum, Palladium, and Rhodium any time of the year. It will maintain active buy and sell orders with a current target trajectory, which is to be released in the initial versions of the gateway for customers by May 1st this year.

James Buch, a Ripple enthusiast says:

“Good work Ripple, you have a lot of potential and your technology is great do not let it go without use. Just grab all that you can and leave no stones unturned. Don’t embarrass yourself in the community just sitting their motionless.”

The BPG issuance XAU is traded on Gatehub already and the physical metals issues will be stored either in their vault or with Malca Amit – a leading security carrier.

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Author: Sthuthie Murthy 
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Simon Price

Simon has been active in the cryptosphere for over 7 years and is passionate about new technology. When he's not blogging and trading he can be found catching the surf on his local beach.