Digix Global to store gold backing cryptocurrency with Silver Bullion

Posted by Vincent Tie on 26 Jul 2016


PRESS RELEASE
For Immediate Release
26 July 2016

Digix Global to store gold backing cryptocurrency with Silver Bullion

  • Digix expects to store close to USD$ 3 million of gold by end 2016
  • Digix finds synergy with Silver Bullion’s progress in fintech

 

SINGAPORE: Silver Bullion Pte Ltd (www.silverbullion.com.sg) announced today that Digix Global Ltd, a Singapore based asset tokenisation company, will be storing gold bullion used on its Digix gold token(DGX) system in Silver Bullion’s vault, The Safe House.

Digix Global’s DGX system allows physical gold assets that are stored with a custodian to be digitized and owned as gold tokens in an Ethereum wallet. Every DGX token represents 1gram of gold, and can eventually be re-cast back into a physical gold bar for redemption. The existence of the gold assets can be openly verified through the company’s Digix Proof of Asset(PoA) protocol.

Digix Global expects to store close to USD$ 3 million worth of gold with Silver Bullion by the end of the year and will transfer its gold holdings out from Malca-Amit at Le Freeport with immediate effect. Asked why the switch of custodial vault, Digix Global’s CEO, Kai C. Chng says: “Silver Bullion is the ideal partner for blockchain technology. Their receptivity to integrate with DGX bodes well for Digix’s future. We find synergies align with what Silver Bullion is trying to achieve, like their own in-house proof of asset and verification systems.”

Digix Global’s co-founder and Chief Commercial Officer, Shaun Djie, observed that “Silver Bullion’s foresight in opening new markets to the cryptocurrency world makes it tremendously easy for us to work on for future partnerships. They welcome the idea of a precious metals backed cryptocurrency, potentially expediting the release of the silverbacked coin on Digix Global’s platform.”

Silver Bullion’s CEO, Gregor Gregersen, commented: “We are very glad to have Digix Global store gold with us. We have good synergy with them in that both companies are introducing new ways in how stored physical bullion can be used. With Silver Bullion, our bullion secured P2P loan platform allows bullion owners to unlock capital from stored gold and silver at interest rates determined between lenders and borrowers. With Digix Global, they provide the means to tokenise physical gold into a cryptocurrency for use in transactions.”

Digix Global has also expressed interest to integrate Silver Bullion’s bullion secured P2P loan platform with DGX tokens for subsequent releases of the Digix platform.

###

 

PDF Version

Media Contact - Vincent Tie
media@silverbullion.com.sg
+65 6100 3040