CoinShares and Swiss metal trader launch Gold-backed token built on Bitcoin’s blockchain

posted 9 months ago
Digital asset manager CoinShares is putting gold on the Bitcoin blockchain. Working with wallet provider Blockchain and precious medal trader MKS (Switzerland) SA, the UKbased firm announced a gold-backed network launch today for trading tokens representing digitized physical gold, a project two years in the making. More than $20 million in gold is held in a Swiss vault to back up its tokens. Each DGLD token is backed by 1/10th troy ounce.

CoinShares chairman Danny Masters said the product’s network security is based on the bitcoin state, with DGLD operating as a sidechain of the bitcoin network. “DGLD combines the stability of the world’s most enduring asset, gold, with the security of the world’s most resilient network, Bitcoin,” Masters said in a statement. CoinShares says the product is available on Blockchain’s cryptocurrency exchange, The PIT.
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