CoinShares introduce gold-backed network for trading tokens

CoinShares has introduced Gold on the bitcoin blockchain. The UK-based firm announced a network backed by the precious metal for trading tokens that will represent digitized physical gold. The platform has launched the service with more than $20 million in gold stocked in a Swiss vault to back up the tokens. Every DGLD token is backed by 1/10th troy ounce.

CoinShares announced the release of a Gold-backed network for trading tokens that act as a delegate for physical gold. The project, which was into making for two years, has now surfaced the digital asset managing platform.

Working in the companionship of wallet provider Blockchain and the Gold trader MKS (Switzerland) SA, the network has launched today with above $20 million in gold held in a Swiss safe to support the tokens. Every DGLD token is backed by one-tenth troy ounce.

Danny Masters, CoinShares chairman, stated that the product’s security is based on the bitcoin state with DGLD working as a sidechain of the BTC network. “DGLD combines the stability of the world’s most enduring asset, gold, with the security of the world’s most resilient network, Bitcoin,” he said, and added, “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.”

Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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