Tradewind, which is backed by stock trading firm IEX, has launched a blockchain-powered gold trading platform.

The firm, whose president and co-founder was a subject of the best-selling book "Flash Boys," kicked off its VaultChain platform last week. As previously reported, the company is working with major companies like the Royal Canadian Mint and gold giant Sprott Inc. The effort is the latest to bridge the technological underpinnings of cryptocurrencies in a gold-trading environment.

The company dates back to 2016, pursuing an effort to provide transparency to the precious metals trading marketplace.

The Royal Canadian Mint will store the gold for Tradewind, using the company's VaultChain blockchain as the authoritative record of title for ownership. Additionally, the Mint will contractually guarantee the ability to have the gold physically delivered to the network of authorized liquidity providers and dealers.

Tradewind president and co-founder Matt Trudeau said he believes that the ownership and trading of precious metals will become digitized, and his startup's platform will help streamline the transition to an entirely digital marketplace.

He said of the launch:

Another co-founder, Mike Haughton, said that the platform can "directly link precious metals' producers, custodians, market makers, dealers and investors," making the trading process much more efficient than current means allow.

Gold bar image via Shutterstock

Correction: This article has been corrected to clarify the details of the Tradewind platform and the exact nature of the RCM's involvement.