Digix and SilverGoldBull (SGB) announce a formal partnership that will complement and strengthen the products and services both companies provide. Digix will have their metals stored in custody with Silver Gold Depository, which utilizes Brinks as the default network of vault storage of precious metals.
SGB, established in 2009, is one of North America’s largest physical precious metals retailers. Silver Gold Bull has a global vision focused on catering to large under serviced international market.
Aiming to achieve greater adoption of cryptocurrencies, SGB was an early adopter accepting Bitcoin payments for precious metals dating back to 2013. The range of cryptocurrencies SGB accepts includes Bitcoin, Ethereum, Bitcoin Cash, LiteCoin, Ethereum Cash, and Dash.
Mihali Belandis, Manager partner of SGB, mentions: “We are at a unique period within the gold and silver space and are excited for our upcoming cycle in the metals. With the explosion in users in the crypto market Silver Gold Bull has realized that there is a new generation of purchasers and traders that don’t necessarily desire the physical redemption of our products. With this said we believe we have found the strongest partner in Digix to open up this market and develop alongside with our robust platform for delivery and storage of metals. Not only does Digix represent the strongest technology to partner with Silver Gold Bull but it also has management team and ownership, that align with our thinking and strategy for global rollout of the product.”
Digix is a Singapore based company that sells digital gold tokens (DGX) that are redeemable for gold in well-established Singapore vaults. DGX is a digital token backed by 99.99% gold cast bars from London Bullion Market Association-approved refiners, on proportional basis of 1 token to 1 gram of gold. Built on the Ethereum blockchain, DGX is the digital representation of physical gold as an ethereum token.
This partnership greatly increases the offering for the customers of both Digix and SGB.
Digix customers will soon be able to enjoy geographical diversification of bullion supply as well as delivery and redemption points for gold around the world.
Speaking about the partnership, Kai C Chng, CEO of Digix, said, “This represents the first step in bringing traditional gold retailers into the space. This is the future, and we are excited that SGB has taken the leap of faith to venture into the crypto space with us.”
Digix and SGB believe that gold, as a recognized store of value should be made accessible to every person worldwide and intend on being a part of making that happen.