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ETH 2.0 Gold-Backed Stablecoin

Geoffrey Gardiner   Oct 20, 2019 09:53 3 Min Read

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Ethereum blockchain goes gold 

Cryptocurrency is not stable. It can not be a store of value. These are the remarks of fiat and gold holders everywhere. InfiniGold, working with the Perth Gold Mint has created the Ethereum based ERC 20 token, PMGT. Finally combining cryptocurrency and gold.

Gold vs Crypto continues to be a common investment debate. Which is better? With both sides of the argument having strong opinions.

Is the need to argue over?

PMGT token overview — how gold-backed tokens work

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PMGT is the first ERC20 government gold-backed coin. Forming a strong foundation, teaming up with minting company Perth Mint, Perth Australia.

The Perth Mint is Australia’s largest precious metals company. Offering markets throughout the world. Distributing a reported 18 billion USD of rare metals around the world each year.

Gold has always been one of the most effective stores of value. With countless generations valuing its design, use cases in medicine, electronics, and jewelry. Many still store gold, as the best way to keep wealth and added security during uncertain markets.

In cryptocurrency, the popular USD backed USDT sable coin, created by Tether. Is king. But if gold is better than fiat, will that change?

InfiniGold is a bar of electronic physical gold. Using digital certificates on the blockchain. Investors receive all benefits from cryptography and security systems. Running 24/7 365 days per year on Ethereums blockchain.

Transaction speeds, ease of verification and trading gold all become much simpler. PMGT does not have transaction fees. Storage fees or management fees. Making it a strong alternative to traditional gold products.

PMGT may offer a new alternative to the popular stablecoins, backed to fiat around the world. Even those in world finance, have considered if the gold standard should come back. As governments and fiat continue to have many problems. Including Inflation. Money printing and Fraud. The call for gold’s return is strong. But will it be enough to make PMGT a success? Do people want this?

Tether, crypto's stablecoin giant, has had many problems. They claim to have a 1:1 backed token, but there have been reports that this may not be true. Continuing court cases and allegations against the parent company, Biftinex are also constant.

Andreas Ruf, CEO of InfiniGold said:

“We’ve been looking forward to unveiling PMGT, an exciting result of our collaboration with The Perth Mint — the preeminent precious metals institution in the world. With the Perth Mint as custodian of the underlying physical gold that backs PMGT, buyers will be able to access a secure and reliable token representing the strongest asset class to date — gold.

Gold, hailed by many, is the best asset. Citing; It has history. Global demand. Stable value. Finite and last but not least, strong appeal and connections to wealth.

If PMGT or other gold-backed tokens appear to act as a new stable coin in the market. Will it help adaption? Will those in gold make the move across from other gold products?

Let us know your take below. 

Personally. Gold back crypto sounds great to me. 

 

Image via Shutterstock

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