The licensed cryptocurrency bank SEBA from Switzerland announced the launch of a gold-backed token.
According to the statement, the Gold Token will enable investors to hold a digital form of the precious metal through a fully regulated, cost-efficient and forward-looking solution.
Investors can exchange the tokens for gold at partner refining facilities, avoiding storage and transport fees.
The bank noted that Gold Token can also be used as a stablecoin for trading or as a store of value, โshielding investors from market volatilityโ.
โThe gold standard was once the worldโs monetary unit, forming the basis of the international monetary system. With the launch of Gold Token, we are building on this history,โ said Guido Bรผhler, CEO of SEBA.
The bankโs partners include players from the precious metals industry โ Argor-Heraeus, the largest service provider, and the trading blockchain platform aXedras.
Earlier, SEBA acted as custodian for the first regulator-approved Swiss investment crypto fund, and also opened institutional access to DeFi and staking.
American billionaire Ray Dalio called Bitcoin โgold for the youngโ.
Follow ForkLog news on VK. VK.