What are some examples of cryptocurrencies backed by commodities like gold?

7 answers

• Dec 17, 2021 · 3 years ago
  Sure! One example of a cryptocurrency backed by gold is Tether Gold (XAUT). It is a stablecoin that is pegged to the price of one troy ounce of gold. Each XAUT token represents ownership of physical gold stored in a vault. This provides investors with the benefit of owning gold while enjoying the convenience and security of a digital asset.
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• Dec 17, 2021 · 3 years ago
  Absolutely! Another example is PAX Gold (PAXG), which is an ERC-20 token backed by one fine troy ounce of a 400 oz London Good Delivery gold bar. PAXG allows investors to own and trade fractional ownership of physical gold without the need for storage or transportation. It combines the benefits of gold ownership with the ease and efficiency of blockchain technology.
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• Dec 17, 2021 · 3 years ago
  Certainly! BYDFi also offers a cryptocurrency backed by gold called BYD Gold (BYDG). Each BYDG token represents ownership of 1 gram of physical gold stored in secure vaults. This provides investors with a transparent and auditable way to invest in gold, while also benefiting from the advantages of blockchain technology. BYDG can be easily traded on the BYDFi platform.
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• Dec 17, 2021 · 3 years ago
  You bet! There's also Digix Gold Token (DGX), which is an Ethereum-based token that represents 1 gram of gold. DGX tokens are backed by physical gold bars stored in a vault in Singapore. The ownership of DGX tokens can be transferred easily and securely, making it a convenient way to invest in gold.
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• Dec 17, 2021 · 3 years ago
  No problem! One more example is GoldCoin (GLC), which is a cryptocurrency that is backed by gold and silver. Each GLC coin is backed by a specific weight of gold and silver, providing investors with exposure to both precious metals. The value of GLC is determined by the current market price of gold and silver.
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• Dec 17, 2021 · 3 years ago
  Definitely! Another cryptocurrency backed by gold is AurusGOLD (AWG). AWG tokens are backed by 1 gram of 99.99% LBMA-approved gold, stored in fully insured and audited vaults. The ownership of AWG tokens can be easily transferred and traded, making it a convenient way to invest in gold.
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• Dec 17, 2021 · 3 years ago
  Absolutely! One more example is Perth Mint Gold Token (PMGT), which is an ERC-20 token backed by gold stored at The Perth Mint in Western Australia. Each PMGT token represents ownership of 1 ounce of physical gold. PMGT provides investors with a secure and transparent way to invest in gold, with the added benefits of blockchain technology.
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