Perth Mint Plans to Sell Gold-Backed Crypto Tokens

Perth Mint Plans to Sell Gold-Backed Crypto Tokens

 

The Perth Mint, a large “precious metals enterprise” in Australia , has announced it will be issuing, “the first digital gold token on a public blockchain-backed…1:1 by GoldPass certificates issued by The Perth Mint…”

No date for when the product will become available has not yet been announced.

The Perth Mint is partnering with InfiniGold, a company that appears to be dedicated solely to tokenizing gold held by the Perth Mint.

It should be noted that the gold sold by the Perth Mint is “guaranteed by the highly rated sovereign entity, the Government of Western Australia.”

Perth Mint does not say if its gold reserves are audited or by whom. Crowdfund Insider has asked the mint’s media officer to comment on this and will append any comments when received.

The question is a valid one because many private businesses would like to offer what are essentially tokenized securities based on assets they possess.

In some cases, however, these companies’ holdings may not have been subject to regular or credible audit.The selling feature of PMGT appears to be “convenience”: “PMGT is digitised gold that allows users to conveniently acquire and have entitlement over government guaranteed physical gold stored at The Perth Mint in a trusted and cost-effective way. It offers institutional investors a competitive alternative to traditional gold products such as gold ETFs, with the additional benefits of real-time trading and settlement enabled by blockchain technology.” Perth Mint already offers a version of “digitized” gold: “Digitisation of The Perth Mint’s inventory began in 2018 when […]