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Author Topic: How about gold-backed Stablecoins?  (Read 13591 times)

owej90

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How about gold-backed Stablecoins?
« on: June 10, 2019, 04:45:08 pm »
http://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

This list is old and not really updated, nevertheless I find it interesting, a lot of substantial infos in there.
I consider stablecoins as the second generation of cryptocurrencies, and I think commodity-backed stablecoins, in particular gold-backed ones, will play a major role among them.

They will play a major role a) among investors, the same ones interested in buying precious metals; b) among normal folks needing a stable currency while living in countries whose currency is subject to a relevant depreciation; c) within the economy and the financial industry, as their stability allow them to be deployed by institutional entities as a means of transfer and a store value.

There are many projects of gold-backed stablecoins, I believe DigixDao (Singapore), Novem (Lichtenstein), Xaurum (Slovenia), OneGram (Dubai/UAE), HelloGold (Malaysia) and Kinesis (Cayman Islands), just to name a few, are serious projects.

So, how about gold-backed Stablecoins?
« Last Edit: June 18, 2019, 10:48:48 am by owej90 »

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How about gold-backed Stablecoins?
« on: June 10, 2019, 04:45:08 pm »


owej90

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Re: How about gold-backed Stablecoins?
« Reply #1 on: June 11, 2019, 05:15:33 pm »
This is a comprehensive list of points to check out while pondering about investing in some gold-backed stablecoin

Due Diligence on Gold-Backed Stablecoins

1. Can the cryptocurrency be converted into physical gold on demand? How easy is the process?

2. Does the company disclose how it stores the gold?

3. Who is storing the gold that backs the cryptocurrency? Is that company trustworthy?

4. Is the gold insured?

5. Does the company have a well-known and reputable auditor? If the company is not audited, then it can easily issue more tokens than gold, thereby creating fractional reserves.

6. What happens if the company goes bankrupt? Is it a limited liability company that could leave investors empty-handed?

7. What blockchain are the gold tokens built on? Is that blockchain secure?

8. Do you know how to store the private key to the wallet that controls the gold tokens? What happens if you lose the key? What happens if the key is stolen?

9. Gold-backed cryptocurrencies are similar to ETFs, which may make them subject to securities laws in Europe and the US. Is the company selling the cryptocurrency regulated? Does it store the gold in a country that has approved their token?

10. Where can the gold-backed token be traded? Gold ETFs are traded on exchanges, but there are currently no cryptocurrency exchanges that are licensed to trade tokenized ETFs.

11. How much liquidity does the gold-backed cryptocurrency have? Can you really close a position in case of a liquidity trap? The largest gold-backed cryptocurrency, Digix Gold Token, has a small daily trading volume of USD 243,000 over the past year, and USD 27,000 over the past month.

12. What is the total expense ratio for the tokenized shares of the gold fund? The most famous gold ETF, SPDR Gold Shares, has a management expense ratio (total fund costs / total fund assets) of only 0.40%.

13. What is the business model of the coin? How do the people who created the coin make money? If there is not a clear way that they are profiting, then be suspicious of indirect costs or high risk.

https://ingoldwetrust.report/wp-content/uploads/2019/05/In-Gold-We-Trust-2019-Extended-Version-english.pdf
p251
« Last Edit: June 30, 2019, 12:24:31 pm by owej90 »

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Re: How about gold-backed Stablecoins?
« Reply #1 on: June 11, 2019, 05:15:33 pm »

owej90

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Re: How about gold-backed Stablecoins?
« Reply #2 on: June 15, 2019, 02:47:48 pm »
What are Stablecoins good for?

Reasons People Use Stablecoins

1. Exchanges: Cryptocurrency traders can reduce their exposure to Bitcoin by selling their Bitcoin for stablecoins. This allows traders to keep their wealth on an exchange without converting back into fiat. This is useful for two reasons. First, many exchanges take days to convert fiat into crypto, which means investors must wait to trade. Second, converting back into fiat means a tax bill is coming soon, since most exchange on- and off-ramps now require KYC-AML.

2. Inflation hedge: People in countries with high inflation and hyperinflation can hold on to stablecoins in order to preserve their savings. Bitcoin is too volatile for most people in Venezuela. Instead, they would prefer to hold onto cryptocurrencies backed by gold or Swiss francs.

3. Interbank settlement: Interbank settlement is a trillion-US dollar industry, as discussed in the chapter on Ripple in the June 2019 edition of the Crypto Research Report published by Incrementum. Instead of giving away billions in revenue to Ripple, companies such as J.P. Morgan are releasing their own centralized stablecoins backed by fiat in order to settle transactions globally on a permissioned blockchain instead of legacy banking software.

https://ingoldwetrust.report/wp-content/uploads/2019/05/In-Gold-We-Trust-2019-Extended-Version-english.pdf
p243
« Last Edit: June 30, 2019, 12:24:03 pm by owej90 »

owej90

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Re: How about gold-backed Stablecoins?
« Reply #3 on: June 18, 2019, 03:29:14 pm »
Smithing Down The Gold-Backed Cryptocurrencies

Any cryptocurrency that is backed by a physical asset or anything of stable value will surely be considered a welcome move by both finance and technology. This is where the relevance and awesomeness of gold-backed cryptocurrency come in.

Defining Gold-Backed Cryptocurrency

As the name implies, gold-backed cryptocurrencies are digital currencies that are backed by the value of gold. This type of currencies brings the advantages of a distributed ledger system while retaining the value that is driven by precious metal.

Unlike the classical notion of cryptocurrency confined to Bitcoin and Ether, gold-backed coins have an intrinsic value, and quite akin to Stablecoins, it increases the reliability and dependability.

The Inglorious Past

There have always been instances where innovation has faced its share of resistance, and cryptocurrency was not an exception.

In fact, the first attempt in unifying gold and technology came in the form of e-gold 5 years before the new millennium was born. It has 5 million users before its abrupt shutdown in 2009. Following a lot of unsuccessful attempts in creating the perfect gold backed digital currency, Xaurum was launched in February 2015. The popularity of the bitcoin was a major factor in influencing this launch. However, after a shortlist time of glory, Xaurum fizzled out.

In recent times, thanks to the cryptocurrency boom, there has been a renewed interest in this asset-driven innovation. There have been a lot of new launches and even a few relaunches including Xaurum.

How does it work?

There are different ways in which different gold-backed cryptocurrencies work. However, the common attribute that encompasses all these currencies is that they are backed by a certain value of gold at launch.

Let us take the example of one gram. one gram was backed by one gram of gold at its launch. Every transaction generated a small fee which was reinvested in more gold. This would mean that the amount of gold that backs the coin keeps on increasing steadily, resulting in the real value of the coin increasing over time.

What Makes Gold-Backed Cryptocurrency Different?

On the surface, the key difference between other cryptocurrencies and gold-backed cryptocurrencies is that the later is backed by a physical entity of intrinsic value. Another difference lies in the pricing. Most of the cryptocurrencies can be bought for meager amounts. Gold backed cryptocurrencies, on the other hand, launch at the price of gold.

Another passive-yet-valuable advantage that these cryptocurrencies bring is that the price of a coin will never fall back below the value of the price of gold at any given time. If a particular gold backed cryptocurrency becomes popular, the price will only become greater than the value of gold.

https://www.blockchainappfactory.com/blog/smithing-down-the-gold-backed-cryptocurrencies/?utm_source=Reddit&utm_medium=Blog&utm_campaign=vignesh

owej90

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Re: How about gold-backed Stablecoins?
« Reply #4 on: June 20, 2019, 08:49:26 pm »
8 Reasons A Huge Gold-Mania Is About To Begin

No. 1: Basel III Moves Gold Closer to Officially Being Money Again
No. 2: Central Banks Are Buying Record Amounts of Gold
No. 3: Oil for Gold – China’s Golden Alternative
No. 4: The Fed’s Dramatic Capitulation
No. 5: Takeover Frenzy in the Gold Mining Industry
No. 6: President Trump Is Pro-Gold
No. 7: Socialism Is on the Rise

No. 8: Gold-Backed Cryptos – A Monetary Revolution

The last catalyst for gold is cryptocurrencies backed by gold.
There are dozens of gold-backed cryptos sprouting up.

Peter Grosskopf, the CEO of Sprott, recently called gold-backed cryptocurrencies “the most important thing to happen to the gold market in the last several decades.”
Soon after, Sprott launched a gold-backed crypto it developed with its partners.
When Sprott – a leader in the natural resources industry – makes a big move into the gold-backed crypto space, it’s a definitive sign of where things are headed.

Gold-backed cryptos combine the best attributes of gold and cryptos. I can’t think of two other asset classes that have as many synergies. In other words, the whole is worth much more than the sum of the parts.
With cryptos redeemable for gold, we can now instantly send anyone anywhere in the world small or large amounts of gold – reliably and without interference. It’s nothing short of a monetary revolution.

Gold-backed cryptos are going to make using gold as money even more convenient for the average person and business. Anyone with a cell phone now can use gold in a way that was not possible before.
This is another big reason why I think gold is coming back as money.

https://www.zerohedge.com/news/2019-06-19/8-reasons-huge-gold-mania-about-begin

IyemRoker

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Re: How about gold-backed Stablecoins?
« Reply #5 on: June 24, 2019, 10:31:07 am »
Like the OP must write this thread in the Announcement because the OP has a basis for the promotion of coins that are backed up with Gold.
How can I reply to this thread if all the information is provided by the OP. LOL
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owej90

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Re: How about gold-backed Stablecoins?
« Reply #6 on: June 30, 2019, 11:28:47 am »
Like the OP must write this thread in the Announcement because the OP has a basis for the promotion of coins that are backed up with Gold.
How can I reply to this thread if all the information is provided by the OP. LOL
This thread was about gold-backed Stablecoins in general, not about one of them, that's why I opened this thread in the Stablecoins Section of altcoinstalks.com

I don't have a basis "for the promotion of coins that are backed up with Gold", I have a basis for the promotion of one of them.
If you read the content of the previous posts, I never mentioned Kinesis, so I'm not advertising my stuff.
If it's true that just talking about Stablecoins I'm advertising my stuff, then it is also true than talking about cryptocurrencies I'm advertising my stuff.
Which would mean that I'm allowed to talk only in the Advertise your Stuff Forum Section.

It is the same as if someone having a signature advertising for, e.g., the Authpaper Coin, couldn't open a thread about "Cryptocurrencies and Money" or "The Futures of Cryptos" etc. in the altcoinstalks.com other than here, because "the OP has a basis for the promotion of coins".
It is the same as if someone having a signature advertising for, e.g., the Ferrum Network, couldn't open a thread about "Blockchain Networks and Banks" or "Exchanges for cryptos", because "the OP has a basis for the promotion of blockchain networks".

I don't know now if it makes sense posting and discussing about gold-backed Stablecoins in general in a Forum Section headed Advertise your Stuff.

So, you wrote to the Mods and one of them moved this thread here.
After the Mods moved the thread here, you haven't replied anything.
So, it was not that you wanted to reply but you were prevented to, your intent was just to let the Mods move this thread away from the Stablecoins Section.  ;)
So many gold haters within the cryptocommunity
« Last Edit: June 30, 2019, 12:27:48 pm by owej90 »

owej90

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Re: How about gold-backed Stablecoins?
« Reply #7 on: June 30, 2019, 11:37:30 am »
Anyway, as the Mods have moved this thread here, they want me probably to advertise my stuff.
Well, there you go  :)


Kinesis, Indonesian Government Postal Service (POS Indonesia), the world’s third largest Post Office and OZL Liechtenstein, to launch the first and only purpose-built bullion vault in Indonesia

London 28th June 2019

Kinesis has been closely following the development of new regulation in Indonesia as they hope to assist in the implementation of a monetary system to assist the unbanked and underbanked population in Indonesia.

A key component of the new gold trading regulation in Indonesia (February 2019), with inputs by Kinesis, states that any online or exchange-based physical gold trading product must be deliverable and physically located in an Indonesian vaulting facility. Currently there is no purpose-built bullion vaulting facility in Indonesia, despite being in a major gold demand and trading centre with over 160 mt/yr gold production, 75+ mt/yr domestic demand and a 100 mt/yr capacity LBMA-approved gold refinery.

Kinesis has partnered with Offenes Zolllager in Liechtenstein AG (OZL) and the Indonesian government to construct a high security, best-in-class vault facility to house the physical metal used in the Kinesis Monetary System and the Allocated Bullion Exchange (ABX) / Jakarta Futures Exchange (JFX) shariah compliant, spot physical bullion exchange. This will serve as the central bullion hub in Indonesia for both conventional and shariah compliant bullion.

In accordance with the new regulation, Kinesis, OZL and the Indonesian Government Postal Service (PT POS) are planning to develop, build and operate an international standard vaulting facility in Jakarta.

Additional stakeholders in the project include, Jakarta Futures Exchange (JFX), government clearinghouse Kliring Berjangka Indonesia (KBI) and religious organisation – Nahdlatul Ulama (NU) who have 100+ million members.

PT POS Indonesia is the state-owned postal service in Indonesia and third largest postal service in the world, in terms of number of offices and sales outlets (over 58,000). In addition to delivering postal services, they are also the largest non-bank financial institution in Indonesia, providing payments, cross border remittances, micro-loans and other financial services.

https://kinesis.money/en/company-news/kinesis-launches-first-purpose-built-bullion-vault-in-indonesia/

owej90

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Re: How about gold-backed Stablecoins?
« Reply #8 on: July 01, 2019, 11:55:40 am »
So, the first project that I'm going to present in this thread dedicated to gold-backed Stablecoins is Digix (Singapore)
From their homepage


STABLE STORE OF VALUE
Gold is a time-tested safe haven asset. Backed by 99.99% gold cast bars from London Bullion Market Association-approved refiners, DGX tokens allow you a good hedge against volatile crypto markets and the wider financial markets. The stability of DGX's price also ensures its viability as a trading pair against other cryptocurrencies.

VERSATILITY OF USE
The universal recognition of gold lowers barriers to international acceptance of DGX tokens as a financial services tool. As a currency-agnostic instrument, DGX tokens enjoy an unparalleled diversity of use cases. DGX tokens can be easily transacted across all our partners exchanges or platforms on Ethereum.

CRYPTOGRAPHICALLY SECURE
Digix tokenises gold on the Ethereum blockchain with our Proof of Provenance (PoP) protocol, which brings together verification by all third parties that we work with to ensure that the process is secure. DGX tokens are minted only upon the affixation of all signatures by our third party partners. The public blockchain further guarantees that records are unalterable and tamper-proof.

OPERATIONALLY SECURE
Digix provides full transparency in its physical and digital operations. The gold is safely stored in a custodial vault in Singapore. Independent audits happen every quarter. The public can have access to digital ownership, transaction and inventory records at Digix at any time, 24/7. This offers security and reduced risk in an unparalleed fashion, where traditional supply chain is fraught with fraud risks. You can further be assured that all digital ownership are backed by an equivalent holding of physical gold securely stored in our vault.
We carry only gold of the highest quality, using 100-gram swiss gold bars from world-class refineries such as Valcambi, Produits Artistiques Metaux Precieux (PAMP), Metalor. Our custodian vault is The Safe House Singapore


WHO WE WORK WITH FOR A SECURE & TRANSPARENT PROCESS
We work with the following parties to ensure the highest level of operational security and transparency. By design, only upon the affixation of documents by independent parties in the supply chain can DGX tokens be minted.

VALUEMAX
Our gold bullion provider, ValueMax, is one of Singapore's oldest and best-established pawnbroking chains. Established in 1988, they provide pawnbroking services, and retail and trading of pre-owned jewelrey, LBMA gold bullion and luxury timepieces.

THE SAFE HOUSE
Our custodian vault is The Safe House Singapore, a subsidiary of Silver Bullion. It provides comprehensive and competitive solutions for corporations and high-net worth individuals looking to purchase, transport, and store precious metails. As mentioned on their website, The Safe House is ISO 9001 certified, 800 sq feet, state of the art vault which can hold over 600 metric tons of silver and 30 tons of gold and platinum.

INSPECTORATE AT BUREAU VERITAS
Our precious metal auditor is Inspectorate at Bureau Veritas, a renowed world leader in testing, inspection and certification services. As mentioned on their website, they have expert testing and inspection services across range of industries in the commodities space.

SILVER BULLION PTE LTD
Silver Bullion Pte Ltd provides segregated ownership of gold and silver. They focus on minimizing storage, counterparty and jurisdictional risks in a manner that traditional financial institutions cannot. Silver Bullion is also a member of the Singapore Bullion Market Association (SBMA) and was ranked the 33rd most entrepreneurial privately owned company in Singapore by KPMG and The Business Times (E50).



owej90

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Re: How about gold-backed Stablecoins?
« Reply #9 on: July 13, 2019, 01:06:10 pm »
The ultimate gold-backed cryptocurrency directory

A stablecoin is a cryptocurrency whose value is “pegged” to assets with stable value including fiat currencies (e.g. USD, EUR, etc) and precious metals. Gold-backed cryptocurrencies are special forms of stablecoins, the value of which are pegged to that of gold. Combining the innovative capabilities of the blockchain technology with gold offers a convenient solution to the highly volatile cryptocurrency market.

Since the advent of bitcoin in 2009, cryptocurrencies have been always criticized for not having a physical backing. Also, the lack of a central authority controlling issuance and supply has rendered the value of cryptocurrencies questionable by financial experts. Add to all of this the high volatility levels of cryptos which is one of the main obstacles hindering mass adoption of cryptocurrencies.
 
To mitigate these challenges, the concept of gold-backed cryptocurrency has emerged. These currencies operate in a similar fashion to traditional cryptocurrencies, except that they are backed by tangible gold, via allocated or unallocated gold storage. Stablecoins are a form of asset backed cryptocurrency which was developed to address crypto’s extreme price swings.

A stablecoin is a cryptocurrency whose value is “pegged” to assets with stable value including fiat currencies (e.g. USD, EUR, etc) and precious metals. Gold-backed cryptocurrencies are special forms of stablecoins, the value of which are pegged to that of gold. Combining the innovative capabilities of the blockchain technology with gold offers a convenient solution to the highly volatile cryptocurrency market.

Before investing in gold-backed cryptocurrency, ask yourself, “Is this gold coin worth what they say it is?” Familiarize yourself with the value of gold, so you know if a gold coin price is based on actual market value. If the price is too far above or below the gold standard price, you are likely looking at a scam.

https://www.cointelligence.com/content/gold-backed-cryptocurrency/

owej90

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Re: How about gold-backed Stablecoins?
« Reply #10 on: July 14, 2019, 11:42:51 am »
Novem Gold

Novem Gold was founded by two long-term precious metals and gemstone experts with experience in international trade in Germany, Austria, and the U.A.E.
Novem Gold is located in Vaduz, Liechtenstein, a highly regulated country, and represented by Nägele in all legal matters and compliance.

Novem Gold stores coming to Europe's major metropolitan cities

Novem Gold isn't limited to the web, with plans to build up to 100 brick and mortar commercial stores across Europe's major metropolitan cities.
These clean, upscale locations will allow anyone to bring in old gold and have that tested for quality, and then either sell it to us for cash, or have it minted anew, and the option to store it with our storage provider in Liechtenstein. Want it tokenized? No problem: once stored, your digital ownership is delivered to a secure digital wallet that you control and is 100% backed by LBMA-certified gold.

You own the gold

Even in the unlikely event that Novem Gold goes bankrupt, the gold is still entirely yours. Novem Gold's gold is held safely in trust by gold storage and handling experts Trisuna Lagerhaus / OZL in Triesen, Liechtenstein.

Better gold prices

Novem Gold's founders have spend the last 30 years building relationships in the gold industry. That translates to highly competitive gold prices for purchases, plus the ability to melt, verify, and mint old gold at coming Novem Gold stores.

Do more with your gold

Having a digitally linked ownership means that you can send your ownership of 999.9 real physical gold to anyone with a smartphone without having to worry about its security or transport.

https://novemgold.com/#experience

owej90

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Re: How about gold-backed Stablecoins?
« Reply #11 on: August 22, 2019, 12:45:32 am »
HelloGold (Malaysia)

"At HelloGold, we believe that gold protects your savings, so we’ve made it our mission for everyone to have access to it in an affordable and secure way. Founded in 2015 by Malaysian co-founders Robin Lee and Ridwan Abdullah, we built the world’s first Shariah compliant gold mobile application that changes the way you buy, sell, send and redeem physical gold. Our dedicated team of experienced professionals have come together from the gold industry, financial services, technology, and digital user experience, with the aim of making gold available to all."

Nice Ad-Video (2 Min.)


OUR GOLD
The physical gold which you purchase from us is in 99.99% investment grade gold bars. Sourced from an international gold refiner, Produits Artistiques Métaux Précieux (PAMP), is a member of the London Bullion Market Association (LBMA). PAMP is one of three refineries worldwide designated as ‘Approved Good Delivery Referees’ by the LBMA, meaning our gold meets the exacting standards for trading on the world’s largest gold market.

THE SECURITY OF YOUR GOLD
The security of your gold is our top priority. We ensure that your gold is stored in state of art international vaults in Singapore or Dubai, insured against all risks at full replacement value.

OWNERSHIP
At the end of every working day, we publish the gold bar list which we hold on your behalf. Your gold is also indicated on our customer gold list. You can personally check the amount and location of your gold at any time.

GLOBALLY AUDITED
Every six months, your gold is independently audited by Bureau Veritas, one of the world’s leading precious metals auditor. They perform three tests: amount, weight and purity of the gold. Watch this video to learn more.

REDEMPTION
You can request for your gold to be delivered straight to your doorstep. Redemption is in whole grams, starting from 1 gram. Each CertiPAMP™ gold bar is sealed and comes with the assayer’s signature, the bar’s unique serial number, purity and weight. You can check for yourself on the PAMP Veriscan App to ensure your gold is a registered bar.

https://www.hellogold.com

owej90

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Re: How about gold-backed Stablecoins?
« Reply #12 on: October 04, 2019, 12:19:36 pm »
Stablecoins Backed by Precious Metals — How Do They Work?

Cryptocurrencies are constantly subject to exchange rate fluctuations and are characterized by high price volatility. For making crypto money more useful and more stable, a special type was created: stablecoins.

Stablecoin is a cryptocurrency whose value is tied to some valuable asset.
This asset could be fiat money, precious metals like gold and silver, oil or almost anything that has tangible value.
The price of a stable cryptocurrency is formed in direct proportion to the established asset.

An ideal stablecoin should perform three main functions:
1) Act as a means of exchange (buying and selling goods and services directly).
2) Be a saving asset (allowing funds to be saved without loss of value).
3) Be used as a unit of accounting (comparing the cost of goods and services).

Very early stablecoins like Tether were fiat-pegged, but as time went on, developers began to associate their stablecoins to other assets such as gold.




PAX Gold

Each PAXG token gives users ownership of one ounce of gold held at Brink’s London vault. The token can be redeemed in exchange for a physical gold bar at partner organizations, for example, New York Bullion Exchanges.

Furthermore, users can convert tokens into fiat currency or gold and vice versa. In addition, information on the specific gold bar to which a PAXG is attached is available to token holders. They can see the serial number, brand code, weight and thickness of the ingot.

Paxos charges a fee for transactions within the blockchain, as well as for the creation and redemption of a token. However, no commission is charged for the storage of gold to which PAXG is attached.


Digix Gold

Digix Gold coins are liquid, they can be exchanged at any time for gold or other cryptocurrencies. Coins are available only on the Digix marketplace, where they can be purchased with Ether.

With the growth of prices for precious metals, the value of DGX will also go up, which can greatly strengthen the token’s position in the market. But even if the demand for a coin suddenly disappears completely, investors will still not be selling at a loss, as they can sell their gold at market price.


GoldMint

GoldMint is a blockchain-based platform using Gold digital assets that are 100% backed by physical gold or exchange-traded funds (ETFs).


Ekon Gold

Swiss blockchain startup Eidoo announced the creation of its stable coin in September 2017, tied to the price of gold. The stablecoin is called Ekon Gold and is an ERC-20-compliant token that will be available in the multi-currency wallet and on the hybrid decentralized exchange of the project.

It is only possible to exchange Ekon for one gram of 999 gold in a special store in Switzerland in insured safe deposit boxes and audited by independent auditing company PluriAudit SA once every 90 days.

To purchase the token, it is necessary to download the Eidoo app and, in order to comply with AML regulations, complete the KYC procedure up to Tier 2.

In October 2017, Eidoo raised $27.9 million during the token sale and received a license from the Swiss Financial Services Standards Association (VQF) under the national financial regulator, FINMA.


Tiberius

The Swiss company, Tiberius Group AG, announced the issuing of the Tiberius token in September 2018. The coins are characterized by high stability, since they are backed by a basket of seven precious metals.


https://cointelegraph.com/news/stablecoins-backed-by-precious-metals-how-do-they-work

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Re: How about gold-backed Stablecoins?
« Reply #13 on: October 13, 2019, 01:39:29 pm »
Perth Mint to tokenize gold with InfiniGold on public Ethereum blockchain


Yesterday, Aussie fintech firm InfiniGold announced the launch of a digital token backed by the gold stores held by the Perth Mint, one of the world’s largest precious metals refiners. The company said it would issue Perth Mint Gold Token (PMGT) as an ERC-20 token over a public Ethereum blockchain.

InfiniGold is marketing PMGT as an alternative to cryptocurrencies, which are known to be highly volatile. That’s in contrast to gold’s traditional safe-haven asset positioning.

“With The Perth Mint as custodian of the underlying physical gold that backs PMGT, buyers will be able to access a secure and reliable token representing the strongest asset class to date — gold,” said Andreas Ruf, CEO of InfiniGold.

“The digitization of gold via a public ledger is a natural progression for the global commodity markets. It will promote gold as a mainstream asset, enhance its accessibility, and offer greater liquidity, transparency and auditability of the real assets backing this type of digital token,” said Richard Hayes, CEO of The Perth Mint.

 

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