UAE Based GDIG to launch digital gold exchange and crypto mining operation

UAE Global Digital Innovation Group (GDIG), a blockchain company claims to have invested in blockchain research and application development among other digitization technologies. The company recently announced that it is planning to establish the first Digital Gold Asset exchange to be backed by Gold reserve. According to their website the Digital Gold Asset Exchange will issue a gold back token or gold backed bonds. 

The group is aiming to establish this exchange in the Abu Dhabi crypto currency market, and will be supported by Asia Pacific Crypto Bank for settlements and booking. 

In addition the GDIG has announced the establishment of its mining subsidiary Bitworld and will be investing 60 million USD in the company by 2021 in MENA for bitcoin and Ethereum mining industry.  As per the release, the traditional digital currency mining industry is restricted by power requirements, hardware production, purchase channels and other resource constraints, making it hard for traditional financial businesses to invest in stable and profitable digital currency mining projects.In the Middle East, the cost of oil and electricity resources is low, but the production capacity of mining machines is subject to greater constraints, and the most cutting-edge high-performance mining machines are mainly produced in the Asia-Pacific region. By establishing Bitworld the Middle Eastern region will no longer be subject to the influence of mining machine production capacity in other regions, and mean Bitworld is able to give priority to supply their own miners to businesses in the region." 

CEO Planck Danny, co-founder of GDIG and CEO of Bitworld, said: “Bitworld will leverage its research and development strengths to supply not only itself, but also the entire Middle East, with the latest high-performance professional mining machines. Bitworld will also play an important role in providing equivalent computing power in the mining business of digital currency rights pledges and mining machines, and is already interested in future cooperation with a number of energy companies in the Middle East and Asia Pacific.”

GDIG is based in Dubai UAE and is stated to employ 70 employees within two sectors digital currency mining business and the Global Digital Industry Group Foundation. The group states that it is already involved in several blockchain projects such as IPFS, BTW, CDS, etc.