Olympus Labs announced they’ve signed a sourcing partnership with Digix to bring tokenized gold in the form of DGX tokens into the Olympus ecosystem as part of its crypto index. Olympus will source gold tokens from Digix to bring stability options into their platform.
Cryptocurrency users will be able to purchase digital gold straight from the Olympus app by buying DGX tokens from Olympus Labs, now being able to hold an asset-backed token using the Ethereum Blockchain.
DGX will be included in the Olympus crypto index, allowing the crypto users to purchase DGX as part of a larger portfolio with a single click. The portfolio will include DGX, MOT, KNC, and potentially others, therefore giving cryptocurrency users the ability to easily acquire a diversified portfolio of crypto tokens.
The importance of including DGX is that it serves as a relatively uncorrelated asset to other tokens in the portfolio, possibly reducing overall portfolio volatility during crypto sell-offs.
With DGX integrated into the Olympus Protocol, DGX tokens can now be included in any custom crypto indexes on the Olympus platform, whether made by the Olympus team, or 3rd party developers using the Olympus protocol.
“We are very excited to partner with Digix, the first few blockchain companies pioneering on Ethereum and creators of DigixDAO, to push the boundaries of blockchain technology and the cryptocurrency revolution. We are honored to be working with such an amazing and forward-thinking team, and we can’t wait to see what amazing D-applications will come from our partnership!”
DGX is a real-world asset-backed stable coin, rather than a fiat-backed one, ensuring stability not only during cryptocurrency market turmoil but also during possible ‘traditional’ economic slowdowns. Having a non-fiat backed stable coin being accessible to Olympus clients and developers would assist in hedging risks and provide the crypto market with a powerful alternative to traditional fiat pairs.
“We stick to our ethos in creating a gold-backed ERC20 token, namely DGX, as the de-facto asset-backed token on the Ethereum blockchain ecosystem. It being accessible through new D-Apps such as Olympus Lab encourages adoption and awareness of DGX’s stable coin properties and gold’s age-old use as a store of value.”