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.”