Australia’s Gold Mint Is Backing a Crypto Token Based on Ethereum

Australia’s only bullion mint is backing a new digital token aimed to allow investors to trade the precious metal in real time.

The Perth Mint Gold Token (PMGT) was launched by InfiniGold on Friday, and is backed 1:1 by GoldPass certificates issued by The Perth Mint. The digital certificates are 100% gold backed and guaranteed by the Government of Western Australia, which is the sole owner of the 120-year-old mint.

“PMGT is digitised gold that allows users to conveniently acquire and have entitlement over government guaranteed physical gold stored at The Perth Mint in a trusted and cost-effective way,” InfiniGold said in an announcement. The token – designed with the assistance of professional services firm Ernst and Young – is aimed to offer an alternative to traditional gold investment products such as ETFs, while using blockchain tech to allow real-time trading and settlement.

InfiniGold CEO Andreas Ruf said:

“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.” Read More...

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