US-based gold trading platform developer Tradewind Markets closed a $10.6m round yesterday co-led by gold mining companies Agnico Eagle Mines, IAmGold and Wheaton Precious Metals.
The round also featured another gold miner, Goldcorp, as well as investment management firm Sprott and venture capital firm Sapphire Ventures.
Founded in 2016, Tradewind recently launched a digital trading and ownership platform for gold that relies on blockchain technology to protect its records. Accounts with the platform, known as VaultChain, are backed by units of fine gold held at the Royal Canadian Mint.
The $10.6m will be deployed for VaultChain’s expansion, allowing the company to deliver new features such as supply chain management and place-of-origin data, while it looks to build its profile in overseas regions including Europe and Asia.
Tradewind has now raised $22.8m in capital altogether, including $9m in 2016 and $2.6m in April 2017, according to securities filings. Its existing investors include IEX Ventures, the corporate venturing arm of stock exchange operator IEX Group.
Fraser Buchan, co-founder of Tradewind, said: “This strategic placement, led by producers, reflects the rapidly evolving landscape for trading precious metals and demonstrates growing support for the Tradewind platform as the leading solution for the industry.
“We are excited to work with our shareholders and partners to continue driving innovation and positive change.”