GoldMint.io, a pioneering company which hedges a stable cryptocurrency with real gold, has opened up sales of GOLD coins.
What is GoldMint?
GoldMint is a blockchain-based platform powered by the digital asset GOLD, which is 100% backed by physical gold or delivery futures. Therefore, one digital GOLD asset costs the same as one ounce of gold on the Chicago Mercantile Exchange (CME).
GoldMint’s physical gold is stored in the US Federal Reserve System’s banks, as well as in Singapore’s SGPMX custodians. For the sake of assurance, GoldMint fully intends on always making sure that its gold reserves are constantly even to or exceed the number of GOLD assets currently in circulation at any given time.
The project runs on the GoldMint blockchain, is 100% backed by physical gold or delivery futures, can be used as a trust management investment tool for peer-to-peer loans and operations with gold, and is a transparent, fast and secure payment tool.
GoldMint PTE LTD itself is a Singapore blockchain company specializing in gold tokenization. The company successfully completed its initial coin offering (ICO) in 2017 and raised $7 million.
The company operates with two assets: gold-secured GOLD and MNTP tokens, which is used in the GoldMint locker to confirm transactions. Additionally, MNTP token holders get access to preferential commissions for operations with GOLD assets. The company’s tokens are currently traded on Bancor, Yobit, SIMEX, IDEX, Etherdelta.
The Sale is Open
As of April 12, GoldMint users may buy and sell GOLD coins on Bancor using one or more of the 50 supported cryptocurrencies. GOLD is also available on Simex (Singapore International Monetary Exchange and IDEX (Decentralized Ethereum Asset Exchange).
For the first time in history, users can take advantage of the opportunity to buy a stable coin, completely backed by the price of gold, in exchange for cryptocurrency. With the help of the GOLD stablecoin, crypto investors can hedge against the risk of cryptocurrencies falling in an extremely volatile market — which happens all too frequently.
GOLD will also bring a new class of investors into the cryptocurrency market, as precious metals investors previously uninterested in cryptocurrency now have a reason to get involved.
A Difference that Matters
Not all cryptocurrencies and digital assets are created equal.
The key difference between GOLD and other digital assets is that all GOLD coins are actually backed by a physical product — in this case, the most successful store of value in history, gold.
Said gold is purchased under delivery futures on the Chicago CME exchange and then placed in a bank of the U.S. Federal Reserve system. When extreme volatility arises in the cryptocurrency market, GOLD affords cryptocurrency investors the ability to mitigate their risk by investing in a stable coin, as opposed to converting to fiat currencies.
Additionally, GOLD smart contracts ensure that the amount of crypto assets sold is equal to the amount of gold held in GoldMint company.
GOLD coins may be purchased with cryptocurrency at the Bancor exchange and can be stored in your compatible Ethereum wallet. Because GoldMint works on the Ethereum network, it is also compatible with ethereal wallets.
The Goldmint team plans to launch a personal account with a multi-currency wallet, which will afford users the ability to purchase tokens via fiat money, bank transfer, or credit card, in 2018.
If you’d like to learn more about the gold-backed stablecoin, check out GoldMint’s official website, or follow the project on Twitter, GitHub, Facebook, and Reddit.
Are you interested in investing in a stable cryptocurrency backed 100% by real gold? Do you think GOLD is a safe way to protect yourself against the cryptocurrency market’s volatility? Let us know in the comments below!
Images courtesy of GoldMint, Pexels