InfiniGold to roll out the Perth Mint Gold Token

Friday 11 October 2019 00:47 CET | News

InfiniGold, a precious metals digitisation company, has announced the launch of the Perth Mint Gold Token (PMGT), a digital token backed 1:1 by GoldPass certificates issued by The Perth Mint.

The Perth Mint is a large refiner of newly mined gold which is guaranteed by the highly rated sovereign entity, the Government of Western Australia, according to the official press release. PMGT is digitised gold that allows users to acquire and have entitlement over government guaranteed physical gold stored at The Perth Mint.

It offers institutional investors a competitive alternative to traditional gold products such as gold ETFs. Digitisation of The Perth Mint’s inventory began in 2018 when GoldPass was launched, where, via a mobile app, investors can buy, sell and transfer physical gold via digital certificates.

Each certificate is 100% backed by physical Perth Mint gold stored in its network of central bank grade vaults, with every ounce of gold held in storage guaranteed by the Government of Western Australia. PMGT, issued by InfiniGold as an ERC-20 compatible asset-backed token, is bringing GoldPass and the physical Perth Mint gold that backs each certificate to the public blockchain.

The real-time liquidity of PMGT is provided by market makers and enabled via The Perth Mint GoldPass platform where users can sell back to The Perth Mint, or take delivery of their holdings by exchanging their GoldPass certificates for a range of the Mint’s gold products, including LBMA London Good Delivery (LGD) bars. Subject to final regulatory consultation, this will make PMGT directly tradable against traditional gold products, including gold ETFs, CME gold futures, and physical XAU.

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Keywords: blockchain, tokens, gold tokens, InfiniGold, cryptocurrency, Perth Mint Gold Token, mobile app
Countries: World