BitGo adds Gold-Backed Digital Asset by Digix
Pioneers of the world’s first gold-backed digital asset class Digix, is pleased to announced that their gold backed cryptocurrency DGX has been integrated into BitGo’s Digital Currency Support with Enterprise Access.
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.
BitGo, is a Palo Alto-based startup that helps investors store cryptocurrency holdings. BitGo’s user interface is multi-coin-friendly, allowing users to easily create wallets for Digix and other currencies and view their combined holdings in one place with a total $USD value. Clients can also move between their respective wallets, viewing their assets, and full transaction history.
BitGo offers support for 85 cryptocurrencies through its custody product, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Zcash. Last month, the company debuted BitGo Trust, a qualified custodian for digital assets, approved by financial regulators in South Dakota.
Speaking on the integration, Kai C Chng, CEO of Digix, said, “We are proud to announce that DGX is integrated into BitGo’s Digital Currency Support with Enterprise Access. BitGo is the market leader in institutional-grade cryptocurrency security and custodial services, with integrations to some of the largest virtual currency players and exchanges.”
“Having this integration places DGX on an industry recognised platform and would be a springboard for DGX to be listed on other major exchanges as we head into Q4 2018,” added Chng.
There is an increasing demand for a cryptocurrency pegged to the value of gold, as it combines the historical stability of gold, with the modern efficiency of digital currency. It can be moved from smart wallet to smart wallet in seconds all around the world. And because gold in the form of tokens is such a liquid asset, buyers aren’t hit by unfair prices and fees that come with moving physical gold around.
Furthermore, Bitgo announced last Friday the introduction of an ERC-20 powered Wrapper BTC for exchanges, platforms to swap ERC20 tokens against BTC on a wrapper contract. “BitGo will provide custody of the Bitcoin and tokenize it by minting WBTC together with approval from community members. It’s an exciting opportunity for us to build on our mission: making digital currencies usable for business,” mentioned BitGo.