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Goldcorp deposits 3,000 gold ounces into blockchain platform

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Goldcorp deposits 3,000 gold ounces into blockchain platform

Goldcorp Inc. made a deposit of 3,000 ounces of gold into Tradewind Markets Inc.'s VaultChain gold trading platform as the genesis block.

A genesis block is the first block in a blockchain and represents a milestone for the technology, according to a March 29 statement.

The deposit, valued at US$4 million, originated from the company's Red Lake gold mine complex in Ontario 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," the miner said in the statement.