Digix, the company which uses blockchain technology to represent physical gold with its DGX token has announced the first audit of the physical gold holdings in their custodial vault was conducted last week by precious metals auditor, Inspectorate at Bureau Veritas.
All 142 bars passed the audit test.
Bureau Veritas provides a range of services ranging from auditing, quality assurance to testing and analysis, for various industries. Inspectorate is part of their arm which specializes in services for commodities markets. Their certificates of analysis are trusted around the world.
The audit by Inspectorate the final step to the completion of the Proof of Provenance (PoP) lifecycle for the first batch of DGX tokens released back in April 2018.
In keeping with the central idea of transparency underlying any blockchain project, Digix prides itself on ensuring that the entire life cycle of the Proof of Provenance (PoP) process is completed in a fully transparent and publicly verifiable manner. We recognize that audits of our gold holdings are important in boosting and engendering public and market confidence, especially in a climate where there is a lot of uncertainty in relation to physical assets that are used for backing cryptocurrencies. Knowing that this is key to building trust in our operations, we intend to publish summaries of the audit results.
Audit Results Summary
At the time of the audit, Digix had gold holdings amounting to 142 physical bars held with its custodial vault, The Safehouse Singapore. There are 6 types of gold bars Digix holds; Valcambi Gold Cast Bar — 100g, Perth Mint Gold Cast Bar — 1kg, PAMP Gold Cast Bar — 1kg, Credit Suisse Gold Cast Bar — 1kg, Metalor Gold Cast Bar — 1kg and Heraeus Gold Cast Bar — 1kg.
Inspectorate confirmed that all 142 gold holdings of the 6 different types were accounted for.
Inspectorate also conducted a weighing test of a random sample of 6 Gold Cast Bars (serial numbers: AA812860, AA901930, AA902072, C860505, AD76974, 3405652) from the total pool, three of which are 100g bars and the remaining 1kg bars.
All 142 bars passed the audit test.
The documents are attached to every bar on the Digix asset explorer that has gone through the audit as of 5th July 2018.