In March 12022, the market capitalization of gold-backed tokens exceeded $1 billion for the first time. As gold-backed tokens continue to increase in popularity, the UAE appears to be becoming a hotbed for the physical gold investment alternative. Startups from the region and globally are setting up in the country as gold-backed tokens witness a growth surpassing that of cryptocurrencies. The market cap of gold-backed tokens has exceeded $1 billion — a far cry from $100 million in 2020. A gold-backed cryptocurrency is a digital currency that is backed by physical gold. The currency’s value is based on the current market value of gold and can be used for transactions like any other cryptocurrency. Bullion gold experts estimate that 20 to 40 percent of the $11 trillion global gold market passes through Dubai every year. These findings can be attributed to entities embracing gold tokenization and commodity token exchanges. Ahmed Bin Sulayem, Chairman and CEO of Dubai’s Dub...