CoinShares and MKS have joined arms to launch gold token DGLD developed on the Bitcoin blockchain decentralized network. CoinShares is Europe’s major cryptocurrency digital assets manager firm, and MKS is a Swiss gold trading firm, whereas the third partner Blockchain is a leading provider of cryptocurrency products, including a crypto wallet.
The token has been built with the technological support of London based CommerceBlock firm, which provides blockchain-based infrastructure for developing digital products.
What is DGLD?
It is a gold token that has combined features of physical gold and gold exchange-traded funds (ETFs) under the secured Bitcoin network. The firms came together with this single objective to build this gold product.
The product has been built in two years, with approximately $20 million gold digitization aimed to cater to the high net customers. Each token is a digital equivalent of 1/10th of a troy ounce of gold metal. The UK based firm Globacap, which is vaulted in Switzerland, will provide custody support to the token.
It can be purchased at Blockchain’s recently founded crypto exchange, ‘The Pit.’ The official date of launch has not been announced yet, but according to sources, it will be available in the next few weeks.
Official Announcement by Daniel Masters
During the official announcement, Daniel Masters, Chairman of CoinShares, informed,
Daniel Masters further continued that DGLD differs from its counterparts in the industry as it uses the Bitcoin network. He said,
He also confirmed the availability of the token in the coming weeks disclosing that it won’t be available in Canada, US, or any other sanctioned country at the beginning and will be listed on more exchanges as per their future plans.
As per Masters, the token will also be available at the DGLD wallet on DGLD.ch and will focus on the individual as well as institutional customers.
Recently, more such launches have been observed in the segment. Last week saw the launch of the gold derivative product by B2C2. Paxos and Digix also launched gold pegged token PAXG and DGX on the Ethereum blockchain network.