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Perth Mint Gold Token (PMGT) issued by InfiniGold begins trading on KuCoin

KuCoin account holders who have passed KYC can trade PMGT immediately, with their holdings fully redeemable for physical gold via The Perth Mint’s technology solution GoldPass...

Published by CryptoNinjas.net
02/24/2020
Perth Mint Gold Token (PMGT) issued by InfiniGold begins trading on KuCoin

Perth Mint Gold Token (PMGT), a digital token backed by government-guaranteed gold, today has commenced trading on the KuCoin exchange.

The Perth Mint is the world’s largest refiner of newly mined gold, and a member of the London Bullion Market Association (LBMA). It currently safeguards wealth valued at more than AUD 4.5 billion within its state-of-the-art vaults for clients ranging from central banks and sovereign wealth funds to individuals. It is now also the custodian of the physical gold backing PMGT.

PMGT

Each token is underpinned 1:1 by Perth Mint digital GoldPass certificates which represent physical gold held in storage at The Perth Mint. In addition, the weight and purity of every ounce of gold anchoring PMGT is assured by the Mint’s sovereign owner, the Government of Western Australia, which holds a long-term AA+ credit rating to provide unprecedented surety to investors.

With zero fees for custody, storage, insurance, and management, PMGT is a cost-effective gold asset and a competitive alternative to traditional gold products, like gold ETFs, banked gold transfers and more. PMGT is also fungible with traditional gold markets, i.e CME gold futures and the interbank Loco London Swap market.

The amount of gold backing each PMGT can be verified in real-time against the gold holding balance of InfiniGold’s GoldPass accounts published by The Perth Mint, without having to wait for monthly audits to see that the tokens are 100% fully backed.

InfiniGold is a leading commodity digitization company that developed The Perth Mint’s GoldPass trading app and is the issuer of PMGT.

“As The Perth Mint is the largest refinery of newly mined gold in the world, we’ve got an unprecedented depth of liquidity to bring to the market with the Perth Mint Gold Token. We haven’t simply purchased a couple of gold bars, put them in a vault and then tokenized them. We can tap into billions of dollars worth of gold stored at The Perth Mint.”
– Andreas Ruf, CEO of InfiniGold

PMGT offers a differentiated risk-off token in the digital asset ecosystem when compared with the most commonly used risk-off tokens, USD-backed stablecoins. In particular, PMGT provides token holders with superior credit quality and hedging against market volatility.

“We’re really excited to be listing the world’s first token which is backed by a government guarantee on the underlying asset. This is another step forward in our mission to spark mainstream adoption of crypto-assets.”
– Johnny Lyu, co-founder of KuCoin

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Via: pmgt.io

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