Ubuntu Tribe, a gold backed stablecoin platform announced on LinkedIn that it has set up its global headquarters in Dubai UAE. Mamadou Kwidjim Toure, Founder and CEO of Ubuntu Group which focuses on Advisory and Investment activities across industries supporting firms in Africa to achieving scalable and sustainable growth on the continent, made the announcement during a visit to UAE Etihad gold refinery.
He states, ” Our team at Ubuntu Tribe traces the journey of our customer’s Gold before it reaches the secure vaults and gets tokenized into Gold International Fungible Tokens (G.I.F.T) and makes it available to anyone’s mobile phone anywhere, anytime from as low as €5cts. We are honored and proud to be selected among this prestigious delegation of senior government officials from Latin America and Africa to engage with the UAE Etihad gold refinery.”
Ubuntu Tribe technology utilizes blockchain, distributed storage, Artificial Intelligence and mining technologies to ensure their gold and mineral extraction is always ethical and forever sustainable.
As per their website, the company is democratizing access to real gold from as low as 5 cents.
Gold has increased in value 50% in the past 2 years, 500% over the past 20 years, 5000% since 1971.
GIFT ( Gold International Fungible Token), their product a stablecoin, is a digital gold certificate which is 100% backed by gold. GIFT is the easiest entry point for wealth creation and a game changer for universal transaction opportunities.
Other companies who are seeking to tokenize gold have also taken an interest in setting up their operations in Dubai, including companies such as Digital Gold Bank. In addition UAE DMCC, Dubai Multi Commodities Center, signed a sale and purchase agreement (SPA) with REIT Development to establish the largest precious metals refinery and storage facility across the GCC and the first to be completely enabled by blockchain in the GCC.
Internationally entities such as Seba Bank have launched gold digital tokens as well.