Cayman Islands law firm Walkers has advised Streamex Corp on the launch of GLDY, a tokenised gold fund registered with the Cayman Islands Monetary Authority under the Mutual Funds Act, the firm said.
The fund is structured as a Cayman Islands exempted company and is designed to give investors exposure to physical gold through digital tokens, each representing one troy ounce. The firm said the product also includes a yield component generated through a gold leasing programme.
GLDY’s structure, which allows for a minimum aggregate equity interest of less than US$100,000, is intended to broaden access to gold investment among eligible investors. The fund relies on blockchain infrastructure providers, including Fireblocks, Base and Chainlink, for data verification and reporting, while Sumsub handles investor identity verification and anti-money laundering compliance, according to the company.
The legal work included adapting the fund’s constitutional and offering documents to incorporate smart contracts, blockchain systems and digital wallet features. The project also involved collaboration with Cayman-based service providers, including Leeward for corporate governance, Zedra for fund administration and principal office services, and FundBank for banking support.
The firm said the involvement of local providers highlights the jurisdiction’s capacity to support tokenised investment vehicles. The matter drew on its investment funds, fintech and regulatory advisory teams. Partners Martin Davies and Melissa Lim along with associate Miriam El Ofir led the project, with partner Lucy Frew and senior counsel Charlie Griffiths providing specialist regulatory advice.
Martin Davies, a partner involved in the project, said tokenised funds such as GLDY reflect a growing intersection between blockchain technology and traditional asset management, adding that Cayman’s regulatory framework has supported such developments.
“The Cayman Islands offers a well-established and flexible framework for structuring such vehicles, supported by a mature service provider ecosystem highly conversant with blockchain innovation,” Davies said. “This would not be possible without the Cayman Islands Monetary Authority, whose forward-thinking regulatory clarity and proportionate supervisory approach have positioned the jurisdiction at the forefront of tokenised fund structuring. We were pleased to work with Streamex on this project.”
US legal advice to the sponsor was provided by Chapman Cutler and Croke Fairchild Duarte & Beres.
