On December 15, FINMA-licensed Swiss bank, Seba, introduced the launch of a gold token that can be provided in physical type, on-demand, any time from the company’s companion refineries. Seba thinks the token can be leveraged as a certified stablecoin “backed by responsibly sourced gold.”
Swiss Bank Introduces ‘Seba Bank Gold Token’ Backed by Physical Gold Stored at Partner Refineries
Switzerland-based crypto bank Seba has actually presented a number of brand-new crypto items this year, like including decentralized money (defi) symbols to the business’s item schedule. In October, the Swiss bank disclosed that clients can gain a return on crypto holdings in an “institutional-grade” style. On Wednesday, Seba disclosed its gold token offering that can be traded for physical gold any time.
“The Seba Bank Gold Token is a landmark development in investment products, enabling investors for the first time to own a digital form of physical gold via a fully regulated, cost-effective, and future-proof solution,” the Swiss bank’s news information.
Seba CHIEF EXECUTIVE OFFICER Says Gold Plays a Major Role in the Capital Markets, Seba’s Gold Token Has Many Competitors
According to Seba, the bank dealt with a company in the rare-earth element (PM) market called Argor-Heraeus. The blockchain-based PM system was established by Axedras, the Swiss bank’s news exposes.
“Seba Bank’s Gold Token can boost the adoption of precious metals by providing a cost-effective, secure and straightforward solution for investing in gold,” the business kept in mind on Wednesday.
“Gold plays a major role in the capital markets. With a market cap of over USD 11 trillion, it offers investors a reliable hedge against inflation and a store of value irrespective of economic turbulence. The gold standard was once the economic unit of account across the globe, forming the basis of our international monetary system,” Guido Buehler, CHIEF EXECUTIVE OFFICER at SEBA Bank stated in a declaration.
The Seba chief executive officer included:
With the launch of our ingenious Gold Token, we are improving this background to enable financiers to have a completely regulated electronic type of physical gold for the very first time. Physically redeemable straight from refineries on-demand any time, our gold token eliminates the rubbings of possessing gold for financiers as well as offers an economical remedy for possessing the property suitable for function in the brand-new economic situation.
Seba bank is not the only gold token improved top of blockchain modern technology, as there are gold symbols released by Paxos (PAXG) as well as Tether Limited (XAUT) backed by an ounce of .999 great gold. During the initial week of August, the PM market titan Kitco released a gold-backed token on the top of Ethereum. Gold-backed symbols have actually brought a costs in the past on a couple of celebrations in contrast to gold’s area market value.
What do you consider Seba bank releasing a gold-backed token that can be retrieved for physical gold? Let us recognize what you consider this topic in the remarks area listed below.
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