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Perth Mint Gold Token Debuts On Crypto Exchange KuCoin

Tarulika Jain by Tarulika Jain - 01:27 PM Feb 24, 2020
Perth Mint Gold Token Debuts On Crypto Exchange KuCoin

Perth Mint Gold Token, the digital asset secured by gold and backed by the government of Western Australia, started for public trading on the KuCoin exchange in its debut. The token is supported one-to-one by GoldPass certificates which were issued by the Perth Mint. The token was first launched in October 2019 by InfiniGold Pty, the precious metal digitization company.

What Does Perth Mint Gold Token Back by GKuCoinovernment Hold?

The GoldPass certificates are backed by 100% physical gold and held by the Perth Mint. It is owned and run by the statutory authority of Government of Australia, Gold Corporation.

As blockchain technology is favoured as the secure accounting method, and Bitcoin is gaining popularity among the general public, the new era of gold-backed cryptocurrency is coming into notice. Thus, a gold rush can be seen in the crypto world with the debut of Perth Mint Gold Token in Crypto Exchange.

The gold-backed digital asset is a cost-effective investment as there are no charges related to custody, storage, insurance and management. The token offers a competitive alternative to both gold products as gold ETFs, banked gold transfers due to the low transaction charges and commonly used cryptocurrency due to its backing from the government.

Higher Liquidity Is Expected With Gold-Backed Coins

Andreas Ruf, CEO of InfiniGold, explained that as the largest refinery of newly mined gold, Perth Mint supports the Gold Backed Token, there is an expectation of unprecedented liquidity in the crypto market. He further clarifies that they did not purchase some of the gold bars to back the digital tokens, but they can tap the billion dollars worth of Perth Mint’s gold. The company aims to provide a more straightforward way to invest in digital tokens, given the token remains tied to gold.

The account holder’s of KuCoin can trade PMGT with their holdings fully redeem for physical gold through the Perth Mint’s GoldPass. The minimum investment for the token is 0.00001oz of gold, around AU$ 0.024.

About The Author
Tarulika Jain

Tarulika JainAn engineering graduate, focussing on latest trends of cryptocurrency. As an economic enthusiast, she likes to read about the changing economies of world.

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