Digital asset manager CoinShares is putting gold on the bitcoin blockchain.
Working with wallet provider Blockchain and precious medal trader MKS SA, the U.K.-based firm announced Tuesday a gold-backed network for trading tokens representing digitized physical gold, a project two years in the making.
According to CoinShares, the network launches today with more than $20 million in gold held in a Swiss vault to back up its tokens.
CoinShares chairman Danny Masters said the product's network security is based on the bitcoin state, with DGLD operating as a sidechain of the bitcoin network.
"DGLD combines the stability of the world's most enduring asset, gold, with the security of the world's most resilient network, Bitcoin," Masters said in a statement.
The product is notable in that it combines the best of financial security - the bitcoin network's immutability and Swiss vault storage - while still facilitating low-friction trading, said Masters.
"You can now have the peace of mind of Swiss vaulted physical gold, with the same convenience, but not the same layers of middlemen, as owning a gold ETF.".
CoinShares says the product is available for both retail and institutional investors and will be available in over 200 countries on Blockchain's cryptocurrency exchange, The PIT. Gold bar image via Wikicommons.
CoinShares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain
pubblicato su Oct 15, 2019
by Coindesk | pubblicato su Coinage
Coinage
Menzionato in questo articolo
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.