aXedras Group AG (aXedras) has announced it has concluded its Series B funding round, including a strategic investment from the World Gold Council (WGC), which will be represented on the Board of Directors by David Tait, CEO of WGC.

aXedras uses blockchain/distributed ledger technology to develop and implement a secure, confidential, digital supply chain solution for the precious metals industry, and to immutably document gold from the mine to the end-user.

Urs Röösli, CEO, aXedras commented, “We are excited to partner with WGC and look forward to expanding on the work we have already done. Our Bullion Integrity Ledger™ provides investors, consumers and all market participants with provenance, integrity and chain of custody credentials. This is a critical step forward for the gold market in its digital transformation; it will help to keep gold relevant for 21st century investors.

“We are participating in the WGC and London Bullion Market Association (LBMA) Gold Bar Integrity Programme pilot to demonstrate how our proven technology ensures the integrity of gold by effectively digitalizing the global gold supply chain.”

David Tait, CEO, WGC, said, “The WGC recognises that initiatives like the Gold Bar Integrity Programme require industry-wide collaboration but also significant funding to ensure success. This project is essential to improve market infrastructure and that is why we’ve invested in aXedras. We have committed to return any and all commercial revenue earned from this investment, back into the industry, for the benefit and positive development of the global gold market.”

The Gold Bar Integrity Programme, which is now underway, has brought together representatives from the entire gold supply chain. This transformative project is the first step towards a digital industry standard and a more aligned gold industry, enabling it to work together for a more accessible and transparent market. aXedras’ solution, the Bullion Integrity Ledger™ is already being used by major gold refiners and logistics companies, and as a part of the Gold Bar Integrity Programme, the company will now expand this work to pilot participants.