SMX, Brinks to create new gold market standards

At the heart of the partnership lies SMX’s technology, which will be deployed by Brink’s to enhance various aspects of gold marking, auditing and storage.

SMX (NASDAQ: SMX; SMXWW) a pioneer in digitizing physical objects for a circular economy and commodities market, and Brink’s have created a strategic partnership with aimed at revolutionizing the gold market. The goal is to introduce unparalleled transparency, trust and efficiency to the gold market ecosystem.

At the heart of the partnership lies SMX’s technology, which will be deployed by Brink’s to enhance various aspects of gold marking, auditing and storage. Using the technology will ensure that Brink’s will set new standards for transparency and reliability in the market. The Brink’s laboratory in Dubai will begin using the technology in the third quarter 2024.

The joint service offered by Brink’s and SMX subsidiary trueGold will elevate reporting and quality assurance standards for gold sourced, refined and vaulted in Dubai by companies operating in DMCC’s free zone and in the Gold Co-operation Council region.

“By leveraging Brink’s expertise in secure logistics and utilizing SMX’s cutting-edge technology in our state-of-the-art laboratory facility in Dubai, we aim to set new benchmarks for transparency and trust in the gold market for our clients,” said Michael Constain, Brink’s VP Africa and Middle East.

Chair of trueGold Consortium Hugh Morgan added, “This collaboration represents a significant step forward in advancing technological innovation in the gold market and underscores the commitment of all parties involved to set new standards of transparency and trust.”

The launch of the partnership between SMX and Brink’s took place on May 7, 2024.