Hong Kong Gold Exchange Taps Chainlink for Tokenized Gold
Hong Kong Gold Exchange is integrating Chainlink CCIP through GoldZip and Midas Labs to allow its physical gold-backed XGZ token to transfer across multiple blockchains.
Hong Kong Gold Exchange (HKGX) has announced plans to integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for its gold-backed XGZ token. According to an announcement by Chainlink, issuer GoldZip is collaborating with Web3 development firm Midas Labs to expand the asset's deployment beyond Ethereum.
Expanding Cross-Chain Access
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Currently issued as an ERC-20 token on Ethereum, each XGZ token represents ownership of one gram of 99.99% fine gold held in HKGX-recognized vaults. The integration of Chainlink CCIP will allow token holders to transfer their assets across supported blockchain networks without being restricted to Ethereum.
GoldZip's website lists approximately 39,000 XGZ tokens in circulation, corresponding to 39 kilograms of physical gold. The project allows token division down to 0.00000001 XGZ and charges a transaction fee of 0.01% on transfers. Physical redemption is available to eligible holders in quantities starting at 1,000 XGZ, which represents one kilogram of gold.
Institutional Infrastructure and Issuer Changes
The move builds on GoldZip’s development partnership with Midas Labs to construct digital gold trading infrastructure for institutional members. GoldZip was previously named an integration partner for Chainlink CCIP 2.0, an institutional upgrade launched on Sept. 28 alongside participants such as Fidelity International, Google Cloud, and Deutsche Börse Group’s Crypto Finance.
Separately, GoldZip announced a change to its token issuance structure in an Oct. 15 notice. British Virgin Islands-incorporated GoldZip Company Limited will replace Singapore-based GoldZip Pte Limited as the token issuer, with a deadline of Nov. 5, 2026, set for holders to submit objections.
Key facts
- HKGX is integrating Chainlink CCIP to enable multi-chain transfers for its XGZ token.
- Each XGZ token represents one gram of 99.99% fine gold verified in recognized vaults.
- GoldZip has approximately 39,000 XGZ tokens in circulation, backed by 39 kg of physical gold reserves.
- Physical redemption is available starting at 1,000 XGZ for eligible holders.
- BVI-based GoldZip Company Limited is replacing its Singapore entity as the token issuer.
Source: crypto.news
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