SINGAPORE, Jan. 30, 2018 /PRNewswire/ -- HelloGold Foundation has announced that it has launched GOLDX, the world's first audited gold backed token, to provide an anchor of stability to sophisticated crypto investors.
GOLDX is a fully operational ERC20 token backed by 99.99% investment-grade gold independently vaulted in Singapore. The smart contract was audited by ZK Labs and ChainSecurity while the gold is audited by Bureau Veritas and insured by XL Group. Operations backing the gold are based on best practices from SPDR GLD, the world's largest gold ETF.
Purchased using Bitcoin (BTC) or Ethereum (ETH), the main purpose of GOLDX is to provide cryptocurrency investors with quick and liquid access to physical gold as an investment class. GOLDX can be purchased within minutes and as an ERC20 token is transferable between Ethereum wallets.
GOLDX is designed to play an important role in a cryptocurrency portfolio, whether as an option for asset diversification or as an alternative to converting cryptocurrencies into fiat currency. With daily volumes of USD 250 billion compared to USD 2 billion in cryptocurrencies, gold provides stability to a volatile market.
The USD 500 billion cryptocurrency market has been searching for a viable stablecoin - a cryptocurrency whose price is stable - that is both liquid and shows reserves transparently. GOLDX provides both.
Robin Lee, CEO of HelloGold, commented in a recent interview on CNBC: "GOLDX is an alternative to a USD hedge." Mr Lee, who was also the Principal Accounting Officer of SPDR GLD, added, "GOLDX is taking gold into the cryptocurrency space by applying best practices from running SPDR GLD to create an arguably more trustworthy technical product. It's the perfect stablecoin for sophisticated crypto investors who are looking to hedge their funds."
GOLDX is available for sale over the counter with a minimum purchase amount of 100 GOLDX. Customers can begin the purchase process or find out more information about GOLDX and the HelloGold Foundation at www.hellogold.org.
SOURCE HelloGold Foundation