The first digital currency in the world backed by gold is preparing its debut. It will be launched by a US company in collaboration with an Australian publicly listed mining firm on March 10 in Austin, Texas.
OZcoinGold has been developed on the basis of third-generation blockchain, and will hopefully tackle the problem of heavy expenses and stringent regulatory setbacks hindering capital intensive public listed commodity and resource companies that are looking out to expand. The new solution builds up on the recent surge in popularity and acceptance of Bitcoin and other cryptocurrencies, and promises a safe exchange medium to users.
President of the new venture Ira Carlin commented that gold will be bought through the platform at the regular Gold price Benchmark, thus avoiding the Bid-Ask variation.
The gold mining company possesses a 600,000-ounce reserve of gold, one-sixth of which will be used as security over the newly proposed financial instrument.
100 OzcoinGold correspond to one ounce of 24 karat gold.