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Goldcorp (GG) Deposits First Gold on Tradewind's VaultChain
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Goldcorp Inc. has deposited the first gold in Tradewind Markets, Inc.’s blockchain technology, VaultChain. Tradewind is a financial technology company that is revolutionizing the way of trading gold.
The first block in the blockchain is known as the genesis block, which is the first institutional blockchain in the world to store physical assets and signifies a key milestone for the technology. By using the Tradewind platform, Goldcorp will be able to sell gold directly to banks and dealers. It will also expand its access to a new market structure, a highly efficient, electronic pricing and liquidity venue.
Goldcorp’s deposit of 3,000 ounces of gold worth $4 million, originating from the Red Lake Gold Mines, is the first instance of blockchain technology being used for managing and recording physical precious metals in an institutional setting.
Goldcorp stated that this is a cutting-edge technology integrating physical gold into a blockchain. It also believes that the physical gold stored on a blockchain will boost the utility of the commodity and drive value in the price of gold.
On the other hand, Tradewind is pleased with the fact that the genesis block of VaultChain was created with Goldcorp, demonstrating their vision and leadership as an innovator in the gold market. It believes that the technology will enable gold producers to prevail over the existing limitations and move into the electronic age.
Both Goldcorp and Tradewind will continue to build the platform and add value for investors, producers, dealers and refineries.
Shares of Goldcorp have moved up 3.7% in the past three months, outperforming the industry’s roughly 8.7% decline.
Zacks Rank & Stocks to Consider
Goldcorp currently carries a Zacks Rank #3 (Hold).
LyondellBasell has an expected long-term earnings growth rate of 9%. Its shares have moved up 17.1% over a year.
CF Industries has an expected long-term earnings growth rate of 6%. Its shares have gained 32.8% over a year.
Daqo New Energy has an expected long-term earnings growth rate of 7%. Its shares have rallied 161.2% over a year.
Can Hackers Put Money INTO Your Portfolio?
Earlier this year, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
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Goldcorp (GG) Deposits First Gold on Tradewind's VaultChain
Goldcorp Inc. has deposited the first gold in Tradewind Markets, Inc.’s blockchain technology, VaultChain. Tradewind is a financial technology company that is revolutionizing the way of trading gold.
The first block in the blockchain is known as the genesis block, which is the first institutional blockchain in the world to store physical assets and signifies a key milestone for the technology. By using the Tradewind platform, Goldcorp will be able to sell gold directly to banks and dealers. It will also expand its access to a new market structure, a highly efficient, electronic pricing and liquidity venue.
Goldcorp’s deposit of 3,000 ounces of gold worth $4 million, originating from the Red Lake Gold Mines, is the first instance of blockchain technology being used for managing and recording physical precious metals in an institutional setting.
Goldcorp stated that this is a cutting-edge technology integrating physical gold into a blockchain. It also believes that the physical gold stored on a blockchain will boost the utility of the commodity and drive value in the price of gold.
On the other hand, Tradewind is pleased with the fact that the genesis block of VaultChain was created with Goldcorp, demonstrating their vision and leadership as an innovator in the gold market. It believes that the technology will enable gold producers to prevail over the existing limitations and move into the electronic age.
Both Goldcorp and Tradewind will continue to build the platform and add value for investors, producers, dealers and refineries.
Shares of Goldcorp have moved up 3.7% in the past three months, outperforming the industry’s roughly 8.7% decline.
Zacks Rank & Stocks to Consider
Goldcorp currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering in the basic materials space are LyondellBasell Industries N.V. (LYB - Free Report) , CF Industries Holdings, Inc. (CF - Free Report) and Daqo New Energy Corp. (DQ - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
LyondellBasell has an expected long-term earnings growth rate of 9%. Its shares have moved up 17.1% over a year.
CF Industries has an expected long-term earnings growth rate of 6%. Its shares have gained 32.8% over a year.
Daqo New Energy has an expected long-term earnings growth rate of 7%. Its shares have rallied 161.2% over a year.
Can Hackers Put Money INTO Your Portfolio?
Earlier this year, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>