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GoldGram Pte based in Singapore, unveiled its new asset-backed token, GGC GoldGramCoin®, a digital currency inextricably backed 100% by physical 99.99% fine gold. GGC can be redeemed at any time.
The company was founded in 2018 by Laurence Cross, Steffen Gemuenden and Mark Diekmann – entrepreneurs with extensive experience in finance, precious metals and trading technology .
GoldGram created GGC using a proprietary private blockchain technology based on Ethereum and Hyperledger. The Hyperledger component allows GoldGram to store vast amounts of information pertaining to GGC, while Ethereum provides the ability to create an ERC-20 token offered as an audited, secure "smart" contract with live prices of gold.
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Cross, GoldGram Co-Founder and CEO, said: "GGC gives you the ability to digitally transfer stored gold around the world, in one-click, at the speed of an instant message. GGC is a medium of exchange, a unit of accounting and a store of value – the true definition of money."
Gemuenden, GoldGram Co-Founder, said: "Through GGC, we are connecting the traditional trading world with the digital world. We are paving the way for market participants to trade GGC against other financial instruments, whether they are traditional gold-based products, fiat currencies or other digital assets."
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