The Perth Mint Gold Token (PMGT), a cryptocurrency token, secured by gold and backed by the West Australia government, to be listed on cryptocurrency exchanges, starting with KuCoin today. It is the first gold token on the public blockchain backed by government-guaranteed gold.
PMGT is launched by InfiniGold, a Sydney-based Fintech startup, and has a 1:1 exchange ratio with GoldPass digital certificate, a gold investment platform, that allows users to securely trade, store and transfer physical gold via digital certificates.
Each GoldPass certificate (and also each PMGT) is in turn backed by physical gold, stored at The Perth Mint, one of the world’s largest gold refiners. The company is owned by the Government of Western Australia (A++ credit rating) and offers the only government guaranteed metals investment and storage program in the world.
What makes PMGT unique
PMGT is the first institutional-grade token that is backed by government-guaranteed gold. This is supposed to bring more security, reliability and trust to holding and trading physical gold on blockchain.
Representing physical gold PMGT offers risk diversification and hedging against market volatility. It also means avoiding costly conversions between fiat and crypto currencies.
The Perth Mint Gold Token may be exchanged for GoldPass certificate on a one-to-one exchange rate with no fees applied. Each PMGT is equal to 1 troy ounce (31.10348 grams) of 100% pure physical gold.
Note: This is not a paid press release. The editors of DailyCoin have decided to publish this article purely because it deemed to be market relevant news.
