SWIFT-user BPG set to launch 'eMetals' gateway with rival Ripple in May

BPG Working with XRP

European metal refiner BPG is launching a new issuing gateway on the Ripple consensus network on May 1. This will allow users to trade Ripple's coin XRP for Gold, Silver, Platinum, Palladium and Rhodium tokens.

The tokens issued by BPG, of Ljubljana, Slovenia, will represent physical ownership of the respective precious metals and are not cryptocurrencies. This means holders can request physical delivery of their metals from BPG. Instead of the fees associated with traditional precious metal investment, owning the tokens will avoid these costs.

BPG is a user of SWIFT, an international payment provider for financial institutions. Ripple is a rival blockchain based company looking to disrupt the same market claiming to offer faster transactions and lower fees. 

Ripple's coin XRP is the third largest cryptocurrency with a market cap of $19.8 billion. It is popular in South Korea and Japan and more than half of its trading volume is on the three exchanges Bithumb, Bitbank and Upbit with pairs of XRP/KRW and XRP/JPY.

BPG issued XAU, which represents gold, is already traded on GateHub although it only has a 18.12 XRP 24 hour trading volume at time of writing. GateHub has a $2 million 24 hour trading volume.