A major Australian precious metals refinery named Perth Mint is officially developing a gold-backed cryptocurrency in order to lure its consumers back to investing in gold.
The news comes from ABC News, stating that the company is in the process of developing a cryptocurrency backed by gold that will also be used for buying and selling crypto-gold positioned on a blockchain.
Perth Mint is one of Australia’s biggest gold refiner with a capacity of processing over 700 tons of gold per year. The increased number of investors that turned to the new alternative investments in cryptocurrencies have spurred the refiner into offering its own cryptocurrency scheme in order to give back attention to precious metals.
In talks to the publication, the CEO of Perth Mint highlighted that there is a “massive flow of funds” when Bitcoin is mentioned and that investors started veering away from traditional safe haven assets. He stated:
“So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”
The executive also stated that the company is interested in implementing blockchain technology into its own operators. The refiner announced the ‘digitized gold offering’ as a initiative that lets consumers buy, hold and sell gold instantly through a digital token.
In the end, this will be another platform for selling gold by Perth Mint, according to them. As they stated, “We certainly try to make it easier and easier, within reason, for people to access precious metals.
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