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UAE Tabarak Investment Bank issues Gold backed token with Pecunio blockchain

In a recent Medium post, PECUNIO Blockchain Technologies, a fintech service provider, announced that it entered into a collaboration agreement with the prestigious and innovative TABARAK Investment Bank, to cater selected digital assets to the region’s ultra-rich clientele. TABARAK is a leading Investment bank in the United Arab Emirates, and is the only DIFC investment bank with regulatory approval to engage with Digital Assets, positioning it as a natural leader in the booming blockchain market in the UAE and the wider GCC region.

The partnership framework lines out the future roadmap for the two industry leaders’ Digital Asset Management activities, leveraging the know-how of successfully created and performing Digital Assets such as PGX and PCO, and the technical and operational groundworks for efficiently performing Digital Asset Management and Custodial operations.

The partners will create and issue a Digital Gold Token (PGX), backed by the 5 Billion USD Gold Reserve Sukuk Fund managed by TABARAK. With this massive collateral base, the digital PGX is poised to instantly become one of the most important Asset Backed Tokens worldwide. In a first tranche, TABARAK will issue Gold Tokens to the equivalent of 25 Million Grams of Gold, which equals an asset value of approximately 1 Billion US Dollars.

PECUNIO will also grant access to Digital Assets for TABARAK’s clients on an institutional scale. PECUNIO will further support TABARAK with access to their institutional over the counter (OTC) desk and help build their Digital Assets custodial services.

This high-profile partnership agreement sets the stage for a new era of digital asset management; Digital Assets backed by real-world assets such as Gold, providing optimal transparency, liquidity and control, while keeping cost and complexity low by leveraging PECUNIO’s expertise.

PECUNIO CEO, Reinhard Berger, commented, ” TABARAK Investment Bank is one of the few major financial institutions to recognize the disruptive power of Blockchain Technology. We are happy to team up with such a well-established asset management institution in our region. With TABARAK’s client base, tapping the ultrawealthy institutions and families in counties as the UAE, Saudi Arabia, Oman, PECUNIO will be best positioned to open opportunities both on the investor and the project side.“

TABARAK’s MOB and Head of Digital Asset Management, Christian Thurner BA/BO concludes: „TABARAK Investment Bank and its banking partners serve UHNWI in the GCC region, to the maximum possible extend. One of the most recurring topics of the ultrawealthy is, simply spoken, how to enter the Digital Assets Markets, to capitalize on the fantastic growth potential. With PECUNIO, we have found a well-established, knowledgeable and trustworthy partner who will help us cater to this ultra-exclusive clientele. Creating Solutions of the Future, this is the aspiration on ourselves!

As an update to this article on May 22nd  tabarak investment bank and Pecunio carried out the first ever institutional size deal for digital gold where an institutional investor acquired 2.3 million Euros worth of Pecunio Gold tokens. 

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Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

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