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Dubai free zone DMCC has unveiled the world’s largest silver bar, a record-breaking 1,971 kg asset formally recognised by Guinness World Data.
The bar, revealed on the Dubai Valuable Metals Convention (DPMC), commemorates the founding yr of the UAE and displays the nation’s ambition, craftsmanship and innovation.
As a part of a landmark collaboration between DMCC and main business gamers, the bar is now set to be tokenised by means of DMCC’s Tradeflow platform. It marks the primary time a Guinness World Report treasured metallic bar will bear tokenisation underneath a regulated framework.
World report silver bar in Dubai
The mission brings collectively Sam Valuable Metals, the UAE-based refiner chargeable for producing the bar; Tokinvest, the VARA-regulated platform main the digital tokenisation and issuance course of; and Brink’s, which can handle safe storage and logistics.
Ahmed bin Sulayem, Govt Chairman and CEO of DMCC, mentioned: “The thirteenth version of the Dubai Valuable Metals Convention has been marked by new data, highlighted by the disclosing of the world’s largest silver bar – a 1,971 kg, 1.3-metre-long bar that has set a Guinness World Report and honours the UAE’s ambition and craftsmanship.”
He mentioned the initiative displays DMCC’s broader mission to attach commerce, commodities, finance and expertise, demonstrating how bodily property may be digitised and accessed by means of trusted and clear frameworks.
Tokenised property
Scott Thiel, Co-Founder and CEO of Tokinvest, mentioned: “Tokenising a Guinness-record-breaking bar of silver, weighing 1,971kg to mark the formation of the UAE, shouldn’t be solely an honour however a milestone for all the RWA business.
“Valuable metals have all the time been a trusted retailer of worth, however entry has historically been restricted. This mission brings a globally vital artefact into the fingers of on a regular basis buyers.”
Sami Abu Ahmad, Chairman of Sam Valuable Metals, mentioned: “Creating the world’s largest silver bar is a celebration of workmanship, innovation and the UAE’s spirit of ambition. Partnering with Tokinvest and DMCC permits us to take this achievement additional – remodeling an emblem of nationwide delight right into a digital asset that represents the subsequent evolution of treasured metals funding.”
DMCC laws
The mission follows DMCC’s not too long ago introduced strategic partnership with the Dubai Digital Belongings Regulatory Authority (VARA), which goals to speed up the event of safe, clear and scalable frameworks for tokenised commodities.
With greater than 1,500 firms in its treasured metals ecosystem and over 700 Web3 and blockchain companies in its Crypto Centre, DMCC says it’s uniquely positioned to steer the subsequent wave of asset-backed digital devices.
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