Tag - Digital Gold

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Tuesday, April 10 2018

The Marriage of Gold and Crypto: A Match Made in Investment Heaven?

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.

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Monday, April 9 2018

Cryptocurrency traders use old gold in drive to draw Islamic investors

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.

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Friday, April 6 2018

Ripple’s Tech To Be Used In Physical Trading Of Metals

“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”

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Thursday, March 22 2018

In India, digital gold sellers hope trickle will become a rush

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.

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Saturday, February 3 2018

Gold-Backed Cryptocurrencies: Icing On An Already Tasty Cake

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.

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Thursday, February 1 2018

UK’s Royal Mint Launches Gold-Backed Cryptocurrency

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.”

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Tuesday, January 23 2018

Cryptocurrency backed by gold being developed by Perth Mint to entice investors back to precious metals

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.

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Tiberius to jump into cryptocurrencies with metals-backed digital coin

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.

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Monday, December 4 2017

New Physical Gold ETF Filed

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.

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Tuesday, November 21 2017

New Gold-Backed Debit Card Launched In Partnership With Lloyds Bank & MasterCard

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.

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Sunday, October 29 2017

Blockchain and Gold Like Peanut Butter and Chocolate?

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.

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Thursday, June 1 2017

Paytm 'Digital Gold' platform allows users to buy, share, sell gold digitally

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.

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Wednesday, April 26 2017

U.K.’s Royal Mint, the Blockchain and Gold: A Look Ahead

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.

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Thursday, December 22 2016

Royal Mint And CME Make A Mint On The Blockchain?

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.

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Wednesday, December 21 2016

Canadian Mint joins private blockchain platform

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.

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Tuesday, November 29 2016

Royal Mint, CME Group launch blockchain-based gold trading platform

Britain's Royal Mint and leading U.S.-based derivatives exchange CME Group have teamed up to create a blockchain-based digital platform for dealing in gold in a drive to cut the costs involved in trading the precious metal.

The Royal Mint will put gold bars into its on-site secure vault, which will then be digitised to create RMGs whose ownership will be recorded on the blockchain. Traders will then be able to trade in and out of RMGs between themselves.

The platform will operate 24 hours a day, 365 days a year. Unlike the traditional model for investing in gold, with management fees and storage charges, RMGs will offer ownership of the underlying gold with the option for conversion to physical gold by the Royal Mint at zero storage cost.

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Thursday, December 31 2015

Gold-Backed Digital Currency Ditches the Blockchain

A new digital currency backed by gold is billing itself as a more compliant, liquid and ultimately reliable store of value than decentralized systems such as bitcoin.

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Friday, May 22 2015

BitGold Inc. Announces CAD 51.9 Million Acquisition of GoldMoney.com

BitGold Inc. (TSX-V: XAU) (“BitGold”), a platform for savings and payments in gold, announces that it has entered into an Acquisition Agreement to purchase the operating and intellectual property assets of GoldMoney Network Limited (“GoldMoney”), subject to regulatory approvals and other customary closing conditions. With over CAD 1.5 billion in assets under vault management GoldMoney is among the world’s largest private managers of precious metal assets, renowned for its innovation and integrity in the gold market.

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Monday, January 5 2015

BitGold raises $3.5 million from Soros Brothers, Sandstorm Gold

A gold exchange company that borrows some technology from Bitcoin has raised $3.5 million for a series A financing from a group of investors that include PortVesta Holdings, Soros Brothers Investments, PowerOne Capital and Sandstorm Gold.

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Thursday, November 27 2014

Gold “Price” Spikes to $1,467.50/oz on Computer Glitch?

Gold spiked higher in many price feeds overnight and was $270 higher or more than 22% higher to $1,467.50/oz at one stage in what appears to have been some form of computer glitch.

There was speculation that the price spike which came while the COMEX was closed for 30 minutes was due to a series of charting errors or misprints, a bad price feed or a computer glitch. Another example of how technology is a great enabler but can also be a great disabler.

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