You are here
Perth Mint to tokenize gold with InfiniGold on public Ethereum blockchain
The tokens are to be fully backed by and convertible to metal for delivery.
* * *
From Ledger Insights
Limassol, Cyprus
Friday, October 11, 2019
https://www.ledgerinsights.com/perth-mint-tokenize-gold-infinigold-publi...
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.
The Government of Western Australia owns the Perth Mint. Last year InfiniGold launched a mobile app, GoldPass, for trading digital gold certificates issued by the Perth Mint. However, these certificates use proprietary technology and not blockchain.
... Dispatch continues below ...
Transfer Assets and Own Gold and Silver Coins
and Bars in the Safest Way
GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given growing monetary, cyber, and systemic risks, it is increasingly important to take delivery or have legal title and outright ownership of fully segregated coins and bars.
On all investment and pension purchases and gold and/or silver coin and bars transfers (from banks, ETFs, and digital gold providers) worth more than $10,000 stored in GoldCore Secure Storage in Zurich, Switzerland, we are now offering Secure Storage for free for six months and the gift of a silver bullion coin -- a beautiful, legal tender, 1-ounce Silver Eagle.
GoldCore does not report transactions to any authority, and safety, privacy, and confidentiality are paramount when we are entrusted with safekeeping of our clients' precious metals.
Please visit GoldCore here for more information about this offer:
https://info.goldcore.com/zurich-gold-silver-storage-goldcore-exclusive-...
Key information regarding GoldCore Secure Storage, our partner vaults and jurisdictions, and storage rates is here:
www.goldcore.com/us/services
For further information, please email the GoldCore team at info@goldcore.com or call our trading desk:
U.S.: +1-302-635-1160
U.K.: +44(0)203-086-9200
International: +353(0)1-632-5010
InfiniGold's announcement said each token will be backed 1:1 by GoldPass certificates. If they wish, consumers can redeem each GoldPass for a range of Perth Mint products or sell them back to the mint.
Market makers provide liquidity for the PMGT, but InfiniGold aims to take that a step further. The company said it plans to make PMGT directly tradable against traditional gold products, including gold ETFs, CME gold futures, and physical XAU. That's subject to regulatory approval.
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.
PMGT is unique as it is backed by the vast reserves of gold with the Perth Mint. Last month Turkey's Takasbank announced a blockchain-based gold trading platform. The platform uses tokenized units of gold-backed by physical reserves with Borsa Istanbul.
In Indonesia the Jakarta Futures Exchange is working with Kinesis Money and Allocated Bullion Exchange to develop a platform for tokenized precious metals.
The UK's Royal Mint also had plans to offer digital gold. But the project fell apart after the CME pulled out.
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019
https://neworleansconference.com/noic-promo/powellgata/
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
