Hancom With is set to advance its global gold real asset tokenization (Gold RWA) business in Dubai.
On September 3, Hancom announced that Hancom With has established a joint venture with gold trading company Al Dafra Al Gharbia Gold Trading (ADGT) and global business development firm Cast Holdings in Dubai.
Hancom With signed a joint venture agreement with ADGT and Cast Holdings and held a ceremony to mark the occasion. The joint venture will be based in Dubai, with a total capital of $800,000. Hancom With and ADGT will each hold 40% of the shares, while Cast Holdings will own 20%.
ADGT will be responsible for sourcing, refining, and storing physical gold based on its Tanzanian gold mine project and local distribution network in the UAE. Hancom With will establish and operate a system for issuing and redeeming on-chain assets from the secured physical gold. Cast Holdings will support the establishment of operational systems and collaboration with local institutions and businesses, leveraging its business development capabilities connecting Korea, China, and the UAE.
The Al Mazrouei family, which leads ADGT, is a prominent family in the UAE known for producing high-ranking officials, including a former Minister of Energy, and for its royal connections. The joint venture plans to accelerate the establishment of a local physical gold supply chain based on the network built by the Al Mazrouei family in the UAE gold distribution sector.
With the establishment of this joint venture, Hancom With will secure a stable source of physical gold for its already operational gold token business.
In April, Hancom With launched the Ontorium blockchain platform for real assets, co-developed with its affiliate AB Labs, in the global market.
Ontorium issues gold tokens 'OXAU' based on 99.99% purity physical gold certified by the London Bullion Market Association (LBMA), linking each token to the unique serial number of the gold bars to allow tracking of which physical gold corresponds to each token.
Song Sang-yeop, CEO of Hancom With, stated, "If the agreement in July set the direction, the establishment of this joint venture completes the organization and system to execute the business. We will solidify our position in the Middle East market and expand our business globally based on a stable technology and business structure connecting physical assets and blockchain."
* This article has been translated by AI.
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