// WA-founded Bamboo has added precious metals to its blockchain platform.
Perth based company Bamboo, who recently launched a platform for people to make investments in cryptocurrency, has leveraged blockchain technology to expanded its offering to now encompass tokenised precious metals.
Bamboo have partnered with Ainslie Wealth, Australia’s largest bullion dealer, to deliver gold and silver investment opportunities to their customers.
In an Australian first, the 5,000 year old monetary metal has been combined with the new age of blockchain technology.
The technology is used to ‘divide’ bullion into small, easily investible amounts which can be audited for transparency. Each token represents one gram of pure gold and silver bullion and is stored securely in the Reserve Vault, one of the most secure facilities in the Southern Hemisphere.
“We’ve successfully combined the security, transparency, and efficiency of the blockchain with the world’s oldest and most trusted forms of monetary value in their physical form,” said Director of Ainslie Wealth, Paul Engeman.
“That we have done this within the stable and high regulatory environment of Australia makes these uniquely safe.”
Precious metals on the rise
Precious metals have long been used as alternative stores of value by people looking to diversify their investment portfolio.
They have also traditionally been viewed as a ‘safe haven’ to shelter wealth during periods of economic uncertainty. Recent global political and economic turmoil has prompted increased accumulation of these precious metals by institutions such as central banks.
The greater demand and resulting price support have seen the price of these precious metals rise by nearly 15% since the start of 2019, with gold recently hitting a 6-year high.
Whilst at all time highs in Australian dollar terms, gold in US dollar terms is still only half way back to its previous highs and silver even further off.
With the prospect of a declining Aussie dollar and precious metal rallies ahead, gold and silver investment is seeing more adoption. Already this year it has outperformed the ASX200.
A new generation of investors?
“The addition of gold and silver to the Bamboo platforms enables our customers to take advantage of greater diversification options and capitalise on the growing popularity of precious metals,” said Bamboo CEO Peter Hume.
“Our unique interface delivers on our promise of ‘effortless investment’ and we hope it will usher in an entirely new generation of investors.
“Combined with our round-ups feature we hope to keep these people focused on the benefits of a long-term investment strategy” he said.