The largest silver bar ever made was unveiled this week at the 13th annual Dubai Precious Metals Conference in the United Arab Emirates.
Produced by local company Sam Precious Metals, the Guinness World Record-breaking precious metal ingot weighed in at 1,971 kilograms with a length of 1.3 metres. The number is symbolic of the year the UAE was founded. Furthermore, the bar is engraved with a map of the country to acknowledge the historic national achievement.
This silver ingot will be tokenized through the Dubai Multi Commodities Centre’s (DMCC) Tradeflow platform. Dubai-based Tokinvest will lead the tokenization effort and security services provider Brinks Co (NYSE: BCO) (FRA: PTY) will ensure its secure storage. Tokenization of the item means that ownership of the gigantic bar will be divided into several digital tokens backed 1:1 by its physical contents on a blockchain. With the current elevated price of silver, it is worth over US$3 million.
“Through our integration with DMCC Tradeflow, we’re connecting tokenization to the UAE’s established commodities infrastructure,” commented Tokinvest CEO Scott Thiel, “ensuring traceability, legal certainty, and secure custody.”
The Dubai Multi Commodities Centre recently initiated a partnership with the Dubai Virtual Assets Regulatory Authority (VARA) to tokenize commodities like gold, silver and diamonds. VARA is the organization that regulates Tokinvest. Founded in 2022, the UAE government entity is the world’s first dedicated virtual assets regulator. It oversees the trading of cryptocurrencies, non-fungible tokens (NFTs) and other digital assets.
“Creating the world’s largest silver bar is a celebration of craftsmanship, innovation and the UAE’s spirit of ambition,” said Sam Precious Metals Chairman, Sami Abu Ahmad, in a Government of Dubai Media Office news release.
“Partnering with Tokinvest and DMCC allows us to take this achievement further — transforming a symbol of national pride into a digital asset that represents the next evolution of precious metals investment,” he added.
This is not the first time the famous luxurious city has broken a record for smelting a monstrous quantity of bullion. Almost exactly one year ago, Dubai’s Emirates Minting Factory LLC set a world record for the biggest gold bar ever recorded. It weighed over 300 kilograms, surpassing the previous record held by Mitsubishi Corp (OTCMKTS: MSBHF).
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