A group of crypto and precious metal companies formed a consortium and launched a first-ever Gold-backed digital currency with the ticker DGLD on the Bitcoin blockchain.
Europe’s largest crypto assets manager CoinShares, with the leading provider of cryptocurrency products including the world’s most popular crypto wallet, Blockchain Luxembourg S.A., and the Swiss gold trading firm MKS have joined hands to launch a gold-backed digital currency (stablecoin). The consortium has been developing the DGLD network for more than two years and at last, they have digitized more than $20 million worth of gold.
This newly formed token will represent the physical gold held in Swiss vaults managed by bullion brand PAMP in Ticino, Switzerland. The blockchain infrastructure development firm CommerceBlock has also played a vital role in tokenizing the gold using the Ocean sidechain developed by the firm in London.
According to the announcement “each DGLD token is the digital equivalent of 1/10th of a troy ounce of gold, vaulted in Switzerland.” To create a new DGLD token, the partners must allocate London Bullion Market Association (LBMA) gold and place in a Swiss vault. The DGLD token will be created in the amount that represents the specific quantity of gold held in the vault and then send to the digital wallet. Read More…