GoldMint’s Custody Bot... Gold Vending for the Future
GoldMint is a project that backs its token with actual gold, making its tokens part of the extremely popular precious metal markets. However, GoldMint is looking to go beyond even that by vending gold and introducing something call “Custody Bot.” This post looks at GoldMint’s Custody Bot, what it means for the precious metal markets, and what it does for GoldMint.
Gold vending is a somewhat of a niche market, but is just about as straightforward as it sounds. Vending machines are filled with gold and then customers are able to purchase the gold from the machine. These have found particular popularity in the more affluent and opulent parts of the world, such as Dubai.
There are some obvious advantages to introducing precious metals to the blockchain. Representative tokens can be traded quickly, securely, and economically. The British Royal Mint even has decided to build a gold trading platform off blockchain technology.