Tag - Digital Gold
Friday, August 16 2019
By GCRU Gold News on Friday, August 16 2019, 06:07
Dignity Gold, LLC, a wholly-owned subsidiary of Dignity Holdings, LLC and a leader in cryptocurrency, today announced that through SION Trading FZE, it has hired Bureau Veritas, a world leader in testing, inspection, and certification (TIC) services, to count the gold backing its tokens. SION Trading FZE is supplying the safe keeping receipt (SKR) for the gold that is backing Dignity Gold and has entered into an official agreement with Bureau Veritas to verify and count the gold. Under the supervision of Joseph Chapman, North American Audits Manager, Metals and Minerals Division at Bureau Veritas, company executives in Dubai will be counting the initial $3 billion out of Dignity Gold's 395,000 kilograms of gold provided under the SKR agreement. The first verification will be completed in September 2019.
Tuesday, July 30 2019
By GCRU Gold News on Tuesday, July 30 2019, 00:32
A new debit card allows users to spend their gold like dollars.
U.K. fintech company Glint launched its debit card in the U.S. on Monday. It can be used anywhere a Mastercard is accepted. Glint’s card and app make gold “an alternative global currency,” according to the company.
Saturday, January 12 2019
By GCRU Gold News on Saturday, January 12 2019, 02:54
Arbitrade Ltd. (“Arbitrade”) is pleased to announce December’s shipment of gold from SION Trading FZE (“SION”) has been vaulted and secured in Dubai UAE. SION, procurement agent for Arbitrade, continues to increase its gold holdings through SION’s global mine network, via procurement contracts as mentioned in previous press releases. In addition, SION has provided $250 million in credit to facilitate these purchases on Arbitrade’s behalf.
Monday, January 7 2019
By GCRU Gold News on Monday, January 7 2019, 22:07
The company that is acting as the precious metals procurement agent for Arbitrade is set to become a major shareholder of the cryptocurrency exchange and coin company.
Arbitrade said in November that it had “title’”to 395,000 kilograms of gold bullion, which would be worth $16.2 billion at current prices, to back its coins and tokens. One of the tokens is called “dignity” and is in circulation.
Saturday, January 5 2019
By GCRU Gold News on Saturday, January 5 2019, 08:15
Advocates of sound money have dreamed of a gold-backed digital currency for many years.
Now, with the advent of blockchain technology, the dream of a viable, gold-backed digital currency is finally coming true. And the potential is enormous. Dozens of gold-backed digital currencies are sprouting up.
Tuesday, April 10 2018
By GCRU Gold News on Tuesday, April 10 2018, 01:48
One the of the world’s largest gold-producing companies is working with blockchain to stabilize virtual currency trading and, in time, to monetize the value of billions in currently stored gold.
The company, Vancouver’s Goldcorp, will back cryptocurrency transactions with physical gold held in an vault at the Royal Mint in Ottawa.
Monday, April 9 2018
By GCRU Gold News on Monday, April 9 2018, 00:59
In Dubai’s decades-old Gold Souk, customers from around the world haggle over bangles and necklaces. Elsewhere in the emirate, the region’s top center for gold trade, bullion is playing a new role in financial engineering.
A local start-up company founded last year, OneGram, is issuing a gold-backed cryptocurrency — part of efforts to convince Muslims that investing in cryptocurrencies complies with their faith.
The global surge of interest in bitcoin, ethereum and other cryptocurrencies extends into the Gulf and southeast Asia, the main centers of Islamic finance.
Friday, April 6 2018
By GCRU Gold News on Friday, April 6 2018, 01:04
“Use the #Ripple network to buy, spend and trade #Gold, #Silver, #Platinum, #Palladium and #Rhodium (XAU, XAG, XPT, XPD and XRH). For more information please visit eMetals platform”
Thursday, March 22 2018
By GCRU Gold News on Thursday, March 22 2018, 02:11
Digital payment systems have ballooned in popularity in India since the government scrapped large-value bank notes in 2016.
Among these offerings are applications that enable smartphone users to buy, sell or store gold - even in small amounts - kept in secured vaults operated by MMTC-PAMP India Pvt Ltd, a joint venture between MMTC Ltd, the largest national trading firm, and Swiss gold refiner PAMP.
Saturday, February 3 2018
By GCRU Gold News on Saturday, February 3 2018, 00:17
The blockchain has discovered gold (or gold has discovered the blockchain). Either way, this means several things. First, the decades-long dream of a gold-backed cybercurrency may finally be realized. Second, gold and probably silver are looking at a big new source of physical demand. Third, the huge number of gold-related initial coin offerings (ICOs) in this largely unregulated pipeline will require buyers to learn how to tell the legitimate offerings from the scams.
Thursday, February 1 2018
By GCRU Gold News on Thursday, February 1 2018, 22:52
The Royal Mint Bullion, the Royal Mint company that sells physical gold, is the first company to allow customers to hold gold-backed assets on Blockchain, Tom Coghill, RMG’s Commercial Lead, stated in an interview with Express.co.uk. Coghill also mentioned that one RMG coin is equal to one gram of gold, adding that “it’s real gold you’re holding when you’re holding our RMG.”
Tuesday, January 23 2018
By GCRU Gold News on Tuesday, January 23 2018, 23:17
Australia's biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals.
The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.
The mint also plans to make use of blockchain technology, first used as the core component of the digital currency Bitcoin, where it works as a public ledger for transactions.
By GCRU Gold News on Tuesday, January 23 2018, 02:37
Three versions of the Tiberius coin will be launched, each underpinned by a different investment strategy.
One will include nickel, cobalt and aluminum used to build electric vehicles. Another will be backed by copper, tin, zinc, metals used in high-tech sectors such as robotics.
A third will include precious metals gold, platinum and palladium, which are used as hedges against inflation and financial and economic uncertainty.
Monday, December 4 2017
By GCRU Gold News on Monday, December 4 2017, 23:20
The World Gold Council has filed for a new physical gold ETF. The Gold Trust will be very similar to the $35 billion SPDR Gold Trust (GLD), the world’s largest gold fund, but with key differences.
Tuesday, November 21 2017
By GCRU Gold News on Tuesday, November 21 2017, 07:44
The world’s oldest currency is being brought into the digital age with the launch of a debit card and app that will allow people to pay for goods in gold.
Fintech group Glint has teamed up with Lloyds Banking Group in the UK and MasterCard to create an app that enables people to load credit in various currencies, which can then be used to buy a portion of a physical gold bar. Customers use the app at the checkout to select whether to pay in a currency or gold, before transacting with their MasterCard.
Sunday, October 29 2017
By GCRU Gold News on Sunday, October 29 2017, 01:16
There are already several cryptocurrencies, otherwise known as altcoins, backed by gold that have been launched. Several of the leading online bullion exchanges have implemented or are also implementing blockchain to create more efficient mechanisms for managing transactions. Each month it seems like there are more and more players joining the fray.
This analysis provides an objective review of the strengths, weaknesses, opportunities, and threats as well as a look at 23 gold-backed crypto and digital currencies. A review of some of the exchanges is also thrown in for good measure.
Thursday, June 1 2017
By GCRU Gold News on Thursday, June 1 2017, 11:16
The company behind Paytm, One97 Communications on April 17 launched its first wealth management product aimed at middle/ lower middle-class Indians. The product named 'Digital Gold' allows users to buy, store and sell gold on its platform.
"The fundamental idea behind digital gold was to bring wealth management to the common man such as a chaiwallah or auto rickshaw driver who loves gold," Vijay Sharma said in an interview with BloombergQuint.
Wednesday, April 26 2017
By GCRU Gold News on Wednesday, April 26 2017, 02:31
Dovetailing off of its 2016 blockchain-backed project announcement aimed at providing physical gold that's cost-effective, convenient and assured, the UK's Royal Mint and the Chicago-based CME Group has now begun live testing Royal Mint Gold (RMG).
The CME system for RMG, powered by AlphaPoint, is currently undergoing rigorous testing with institutional traders. Its goal is to create a trading platform that satisfies customer demands for a more rapid, cost-effective and secure means of purchasing, storing and selling gold.
In addition, Blockchain security company BitGo has been collaborating with CME Group in developing the architecture, rules and parameters of the blockchain. The multi-signature wallet technology BitGo currently uses for its current client base will be the foundational security protocol for RMG. This is generally regarded as the safest way to deal with digital assets like gold. Developers, business and research are able to now access the code for evaluation and testing purposes.
Thursday, December 22 2016
By GCRU Gold News on Thursday, December 22 2016, 22:45
So when we invest in gold, it flummoxes me why many people choose to do so with the help of the very system that has created the need to hold safe haven assets e.g. gold and silver. Why place your gold in the custody of a heavily indebted national government?
We like the Royal Mint and their bullion coins, including Gold Sovereigns and Gold Britannias, are some of our best selling gold coins. However, for those looking to own gold for diversification, safe haven and financial insurance purposes it is prudent to opt for owning such bullion coins and bars in allocated and segregated storage in large, stable, creditor nations.
It is unlikely that a blockchain solution will give those Royal Mint users greater automony over their gold. The gold will still be stored in Royal Mint vaults, in the UK and, therefore, the custodian will remain the British Government which is under considerable stress and faces many challenges including Brexit and a massive national debt.
Wednesday, December 21 2016
By GCRU Gold News on Wednesday, December 21 2016, 23:05
The Royal Canadian Mint has joined a blockchain platform run by Goldmoney Inc, the first time in the world that mint-vaulted bullion has been traded on such a private digital ledger, the Canadian fintech company said on Wednesday.
The deal "lays the groundwork for further integrations by other countries and other mints," Roy Sebag, Goldmoney's chief executive officer, said in a phone interview.
Blockchain first emerged as the system underpinning digital currency bitcoin. The technology creates a shared electronic ledger that allows all parties to track information through a secure network, with no need for third-party verification.