Precious metals were always been trading commodities from the beginning of the trading era in human history, this precious metals includes gold, platinum and others. Among these precious metals gold is one of the mostly traded commodity. With the soaring gold prices, the cryptocurrency trade market is turning gold backed crypto tokens. Even though this gold backed crypto tokens is relatively new idea, it is supposed that this will provide stability to the crypto market.
As I said it is relatively new idea many traders aren't comfortable with trading gold backed crypto tokens and they're confused where to start, so if you're one of them then here's the list of top-3 gold backed crypto tokens that you might love to invest in (not a financial advise !!)
In this article we'll look into top-3 gold backed tokens and things related to that specific tokens and projects.
So let's dive in....!!
3) Meld Gold
A blockchain protocol Algorand and the Australian tech startup Meld Gold has collaborated to develop a decentralised gold tokens. Through their robust digital platform the collaboration is trying to revolutionise the buying and selling of gold by integrating into the current gold supply chain.
Due to the tokenisation instant gold trading & settlements are possible. According to the media briefing by the creator of this platform, investors will be able to transact the gold both by virtual gold tokens and physical gold. The Meld Gold provides the enhanced accessibility, efficiency and transparency of transactions.
Official website : meld.gold
2) Tether Gold (XAUT)
Tether being one of the largest USD backed stablecoin, now has the gold backed token called XAUT. A single XAUT coin represents a single troy ounce of gold on one London Good Delivery bar of gold.
Tether holds their gold in Swiss vaults and allow token holders to search for the serial number of their specific gold bars on their company website. The token investors can also redeem their XAUT tokens for the actual physical gold, which is delivered by the Tether company or investors can also redeem it for cash.
Currently the XAUT tokens resides on Ethereum & Tron blockchain. Being the largest stablecoin issuer it was easy for XAUT to get investors onboard, in results the current market capitalisation of XAUT tokens is approximately $50 million.
Official website : gold.tether.io
1) Perth Mint Gold Token (PMGT)
As being backed by the actual gold blocks from Western Australia's Perth Mint, PMGT is one of the best gold backed crypto token in the crypto space. The validity of the tokens is proved as the Australian governments guarantees the weight and the purity of gold.
The Perth Mint issues the digital gold certificate as proof via Goldpass app. This certificate can then back PMGT tokens, at a token to certificate ratio of 1:1. The PMGT tokens can be traded or exchanged on KuCoin exchange. Being a competitive and cost effective, PMGT is a best alternative for the traditional gold trading assets like banked gold transfers and ETFs since they incur no fees for insurance, custody and storage.
Similar to above two gold backed crypto tokens PMGT also allows investors to redeem their PMGT tokens into the physical gold bars even if the liquidity is relatively low.
Official website : www.perthmint.com
So this is the list of best gold backed crypto tokens. Gold has always been a secure investment all around the world both for the professional traders and for individual common person. The tokenisation feature of the blockchain technology is bringing revolution to the gold investments and for other assets too.
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There is paxgold also.