Digital assets have been synonymous with cryptocurrency in recent years. But, there is new asset-building up in the international market which is likely to replace cryptos in the upcoming times. Gold backed digital assets are the new hot topic which is noticed after the successful collaboration between the gold industry and blockchain firms.
The most recent news has come from Goldlinks, Global gold industry blockchain alliance that has confirmed its strategic partnership with Mongolian-based gold mine Erd Khul LLC. The primary objective of this association covers assistance on mining, mine acquisitions and the creation of gold-based assets. The big gold mines are allegedly looking forward to creating more wealth by synergizing gold-backed digital currencies which is a completely novel format.
Goldlinks has been already in the gold-backed digital assets and has successfully launched Global Gold Cash (GGC). This is operated on a blockchain powered platform which is supported by gold on the rear end. The current value of 100 GGC is equivalent to 1 g of physical gold which must have 99.9% purity. GGC has achieved its first milestone after being accepted in the international trade settlement which in fact highlighted its presence in the international media too. In addition to this, there is a utility token called as GGT that is being issued only to the Goldlinks community members, as mentioned by Im-Mining.
Gold Backed Assets In The Market
There are several cryptocurrency exchange operators across the world that have recognized gold-backed assets and have included them in their lists. One such recent addition has happened in crypto custodian BitGo which has now begun using Digix’s gold-backed digital token, according to Coin Journal.
The gold-backed digital assets are sued in the form of DGX token. This token is backed by 99.99 percent gold cast bars from London Bullion Market Association-approved refiners (one token is equal to one gram gold). The gold can be redeemed with the DGX token at the vaults available in Singapore.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]