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Market Extra: CME Group is launching a gold-trading platform inspired by bitcoin

Pretty soon, pension funds and other institutional traders will be able to buy and sell gold using a trading platform inspired by the digital currency bitcoin.

U.S. futures and options exchange CME Group announced on Tuesday that it is in the final stages of testing a platform for spot gold that’s based on the blockchain, the pioneering distributed-ledger technology that powers the bitcoin network.

CME built the platform in partnership with the U.K. Royal Mint, which has helped supply $1 billion in gold bullion to back transactions executed on the network, and blockchain company AlphaPoint.

The platform isn’t expected to launch until later this year, according to news releases from the CME Group and AlphaPoint.

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