GoldGram Pte. Ltd., creator of the new digital asset-backed token GGC GoldGramCoin^®, and R3, the world’s leading developer of enterprise blockchain solutions for business, announced today that they have entered into a partnership program agreement to develop a native GGC GoldGramCoin token for R3’s Corda blockchain platform.

Unveiled in May, GGC is an asset-backed token inextricably backed 100% by physical 99.99% fine gold and redeemable for the physical metal at any time. R3’s Corda is an open source enterprise blockchain platform that delivers privacy, security, interoperability and scalability, enabling businesses to transact directly and in strict privacy using smart contracts.

Laurence Cross, CEO and co-founder of GoldGram said: “The significance of a native GoldGramCoin token built on R3’s popular Corda platform, in addition to our existing ERC-20 token, means that all parties who use Corda – many of whom are institutional banks and insurance companies – can utilize GGC as a stand-alone digital currency token for payments, atomic swaps and other financial transactions.”

David E. Rutter, CEO and founder of R3, said: “We have long been of the view that enabling the issuance, trading and settlement of quality asset-backed tokens, like GoldGramCoin, on a blockchain platform is one of the most impactful applications of the technology and it has become a key focus for R3. The applications and use-cases for GGC are extensive. The real-time pricing and scalability of GGC makes the partnership a logical fit for the Corda platform.”