• Friday, June 21, 2024
businessday logo


Ubuntu Tribe eyes African capital markets with tokenised gold assets

What Ubuntu’s gold tokenization means for Nigeria

Ubuntu Tribe is set to launch the Utribe Wallet and GIFT Token in partnership with RED Media and DLM Capital Group. The products will be available to users in Lagos, Nigeria from Saturday, November 18 and Nairobi, Kenya from Monday, November 20, 2023.

The Utribe Wallet gives users access to GIFT, a 1.1 gold-backed digital certificate of gold ownership. According to the company, the wallet will redefine wealth management, providing secure and transparent access to GIFT which is backed by LBMA-approved, insured, audited, and physically secured gold in world-class vaults situated across Europe, the Middle East, Switzerland, and Southeast Asia.

The product is expected to strengthen capital markets by introducing natural mineral-tokenised assets. Mined sustainably and made secure and accessible to all, these assets aim to usher in a new era of wealth security and increased opportunities for individuals and nations alike, according to Ubuntu Tribe.

Read also: Tokenisation of real-world assets: Why you should care

“As we bring our innovative platform to these vibrant African cities, we look forward to engaging with the local communities, forging partnerships, and showcasing the transformative potential of regenerative finance. Ubuntu Tribe is not just an event; it’s a movement toward shared prosperity, financial inclusion, and a sustainable economic future. Join us in Lagos and Nairobi as we embark on this empowering journey together,” said Mamadou Toure, CEO of Ubuntu.

Oliver Lienhard, Ubuntu Tribe’s Chief Technology Officer (CTO), said the blockchain-powered solutions provide access to natural assets but also adhere to the highest standards of security and transparency.

“Ubuntu Tribe is shaping a future where technology aligns seamlessly with environmental responsibility,” Lienhard said.

Sonnie Babatunde Ayre, CEO of DLM Capital Group noted that the launch of GIFT will give many people the opportunity to keep the value of their wealth without having to buy $ which puts negative pressure on our Naira.

“We are thrilled to be part of this transformative initiative with Ubuntu Tribe. RED Media is committed to sustainable development, and this partnership aligns perfectly with our vision for a prosperous and inclusive Africa,” Ayodeji Razaq, CEO of RED Africa, said.