GoldZip, which is affiliated with the Hong Kong Gold Exchange (HKGX), will use Chainlink infrastructure to bring its physically backed gold token, XGZ, to additional blockchains. The initiative, developed with Midas Labs, aims to integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) with XGZ. This will expand the token’s reach beyond its current deployment on Ethereum.
Chainlink’s October 27 announcement connects the traditional gold market with digital asset infrastructure. According to project documentation, each XGZ token represents one gram of 99.99% pure physical gold held in vaults. The integration will enable transfers of the gold-backed asset across supported networks.
Gold-Backed XGZ Expands Beyond Ethereum
GoldZip currently offers XGZ on Ethereum as an ERC-20 token. Users can hold it in compatible wallets and trade it on supported platforms. The new initiative aims to extend the token’s availability to other blockchains.
CCIP provides shared infrastructure for transferring tokens and messages between blockchains. Asset issuers can incorporate their own approval processes, transaction limits, and compliance checks into transfers. Chainlink aims to help institutional assets operate under consistent rules across different networks.
GoldZip’s goal is to give its physically backed token access to a broader digital marketplace. However, the announcement does not specify which additional networks will support XGZ or when they will launch. It therefore describes an integration in progress rather than a completed multichain rollout.
GoldZip was also among the launch partners for CCIP 2.0, which Chainlink introduced on September 28. The announcement included organizations such as Fidelity International, Deutsche Börse Group’s Crypto Finance, Google Cloud, and SBI Digital Markets. The latest update provides a clearer picture of how GoldZip intends to use the partnership for XGZ.
Each Token Represents One Gram of Gold
According to GoldZip’s official product information, the company uses one-kilogram gold bars that meet specific standards to back token issuance. After verification of their purity, the bars enter depositories recognized by HKGX. The company then issues tokens on the blockchain against this physical backing.
Although the token supports fractional ownership, separate conditions apply to physical redemption. GoldZip requires 1,000 XGZ to redeem one eligible one-kilogram gold bar. Users must also meet the relevant eligibility requirements, including identity verification and anti-money laundering checks.
The official website lists a total token supply of 39,000 XGZ, corresponding to 39 kilograms of gold. These figures reflect the product data published by the company.
GoldZip’s transparency page also offers a lookup system that matches token balances with gold bars held in vaults. The company notes that these records rely on periodic snapshots and do not update in real time. The same page currently lists independent auditor reports as “coming soon.”
Midas Labs Partnership Targets Institutional Gold Markets
The Chainlink integration builds on GoldZip’s partnership with Midas Labs, announced in June. At the time, GoldZip named Midas Labs as its Web3 technology partner for developing an institutional digital gold ecosystem.
The partnership covers the development of digital services for HKGX’s approximately 150 institutional members. Midas Labs is responsible for building the trading technology and underlying infrastructure that connect physical gold reserves with digital asset markets.
In August, GoldZip also announced an initiative involving Universal, the UAE-based issuer of USDU. The memorandum of understanding between Universal and Midas Labs aims to explore products that could connect regulated stablecoin infrastructure with Asia’s digital gold market.
