Hong Kong Gold Exchange (HKGX) has announced plans to integrate Chainlink’s cross-chain technology for its gold-backed XGZ token, allowing the digital asset to move between different blockchain networks.
Summary
- Hong Kong Gold Exchange is integrating Chainlink CCIP through GoldZip and Midas Labs to allow its gold backed XGZ token to move across supported blockchain networks.
- Currently issued on Ethereum, XGZ represents one gram of 99.99% fine gold per token, with physical redemption available to eligible holders in quantities starting at one kilogram.
- GoldZip was previously named among the integration partners for Chainlink CCIP 2.0, which introduced infrastructure designed to support institutional digital assets and cross chain transactions.
- The integration follows GoldZip’s earlier partnership with Midas Labs to develop blockchain infrastructure for digital gold trading and institutional participation.
In an October 27 announcement, Chainlink said GoldZip, the company behind XGZ, is working with blockchain development firm Midas Labs to integrate its Cross-Chain Interoperability Protocol (CCIP).
The integration is intended to allow XGZ to move securely across supported blockchains, giving the gold-backed token access to networks beyond its existing Ethereum deployment.
Chainlink described HKGX as the world’s fourth-largest gold trading venue by volume. The exchange traces its history to 1910 and operates as a major marketplace for physical gold and silver in Hong Kong.
Chainlink CCIP to enable XGZ transfers across blockchains
GoldZip is working with Midas Labs to introduce the cross-chain functionality through CCIP, which allows digital assets and information to move between separate blockchain networks.
Currently, XGZ operates as an ERC-20 token on Ethereum. Once the integration is completed, the token could become available on additional supported networks, allowing holders to transfer their gold-backed assets without being limited to Ethereum.
Chainlink’s CCIP provides a standardized framework for transferring tokens and messages between blockchains. The protocol allows issuers to manage how their assets move across networks while using Chainlink’s infrastructure to process cross-chain transactions.
The latest announcement follows Chainlink’s September 28 launch of CCIP 2.0, which introduced new infrastructure for institutional digital assets and cross-chain transactions.
GoldZip was among the companies named as integration partners for the upgraded protocol, alongside financial institutions and technology firms including Deutsche Börse Group’s Crypto Finance, Fidelity International, Google Cloud, and SBI Digital Markets.
Institutional adoption of CCIP has continued in recent months. As previously reported by crypto.news, BitGo selected Chainlink’s protocol as the cross-chain infrastructure for its Wrapped Bitcoin ecosystem in August, replacing LayerZero.
Chainlink’s October quarterly review subsequently highlighted growing CCIP adoption, with the company reporting more than $15 billion in token migrations to the protocol during 2026.
GoldZip token is backed by physical gold reserves
GoldZip’s XGZ token represents ownership claims linked to physical gold held in recognized vaults, with each token corresponding to one gram of 99.99% fine gold.
According to the project’s documentation, the gold backing XGZ consists of approved bars that undergo verification before being deposited into depositories recognized by HKGX.
The token can be divided into units as small as 0.00000001 XGZ, allowing holders to transfer fractions of a gram of gold through blockchain transactions.
GoldZip charges a transaction fee of 0.01% of the transferred amount, paid by the sender.
Physical redemption is available in larger quantities, with 1,000 XGZ representing one kilogram of gold. Holders seeking redemption must meet the project’s eligibility and anti-money laundering requirements.
GoldZip’s website lists approximately 39,000 XGZ in circulation, corresponding to 39 kilograms of physical gold.
The company maintains a transparency page showing the gold bars allocated to circulating tokens, including details such as bar serial numbers, refiners, weight, and storage information.
Its reserve information is periodically updated, while the website lists independent audit reports as forthcoming.
GoldZip operates within the HKGX group, which succeeded the Chinese Gold and Silver Exchange Society following a restructuring that took effect in January 2025.
The exchange has nearly 150 institutional members and provides trading infrastructure for precious metals in Hong Kong.
Meanwhile, Hong Kong has been developing plans for tokenized assets, with its September policy address outlining measures covering gold and other real-world assets through licensed trading platforms.
Midas Labs partnership supports HKGX digital gold plans
The CCIP integration builds on GoldZip’sexisting partnership with Midas Labs, which the company announced earlier this year.
GoldZip appointed Midas Labs as its designated Web3 development company to help build a digital gold trading ecosystem for institutional participants.
The partnership covers blockchain infrastructure, tokenized commodity trading, and technology intended to connect physical gold reserves with digital asset markets.
HKGX Chairman Haywood Cheung said during the announcement that the exchange needed to explore blockchain-based trading and digitize transactions as financial markets adopted new technology.
Midas Labs was tasked with developing infrastructure for GoldZip and supporting the exchange’s plans to introduce digital gold services to its institutional membership.
Separately, GoldZip announced a change to its token issuance structure earlier this month.
In an October 15 notice, the company said GoldZip Company Limited, incorporated in the British Virgin Islands, would replace Singapore-based GoldZip Pte Limited as the issuer of XGZ.
The new issuer belongs to the same HKGX group and is expected to assume the existing issuer’s responsibilities, including liabilities and obligations related to token redemption.
GoldZip set November 5, 2026, at 11:59 p.m. UTC as the deadline for holders to submit objections to the issuer change.
