Users will be able to store gold on the Ethereum blockchain
Swiss bank SEBA launches a digital token backed by precious metal
15.12.2021 - 12:30
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What’s new? Swiss bank SEBA has launched a digital token that will allow investors to acquire rights to physical gold via Ethereum blockchain, Forbes reports. The depositors will be able to redeem the precious metal at any time without paying fees for its transportation and storage.
What is the point of digital gold? In addition to the ability to redeem physical gold, the token can also be used as a stablecoin. Such a solution will help protect investors from volatility in both traditional and cryptocurrency markets. Guido Buehler, CEO of SEBA Bank, said:
"Gold plays an important role in financial markets. With a market capitalization of more than $11 trillion, it offers investors reliable protection against inflation and a means of saving regardless of the economic situation… Our gold token, redeemable on demand at any time, eliminates the difficulties associated with owning gold for investors."
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