Digital gold, also known as gold-backed cryptocurrency, is a relatively new investment option that allows individuals to invest in gold without the need to physically hold the precious metal. This is made possible by blockchain technology, which enables the creation of digital tokens that are backed by physical gold. In this article, we will explore some of the platforms where you can invest in digital gold.
1. Paxos Gold (PAXG)
Paxos Gold (PAXG) is a gold-backed cryptocurrency that is fully backed by physical gold bars stored in the Brink’s vaults. Each PAXG token represents one fine troy ounce of a 400 oz London Good Delivery gold bar. The tokens are ERC-20 compatible, meaning they can be stored in any Ethereum wallet. PAXG is available on several cryptocurrency exchanges, including Binance, Kraken, and Bitfinex.
2. Tether Gold (XAUT)
Tether Gold (XAUT) is another gold-backed cryptocurrency that is fully backed by physical gold stored in a Swiss vault. Each XAUT token represents one troy ounce of 24-carat gold. The tokens are ERC-20 compatible, meaning they can be stored in any Ethereum wallet. XAUT is available on several cryptocurrency exchanges, including Bitfinex, Bittrex, and HitBTC.
3. Digital Gold (DGD)
Digital Gold (DGD) is a gold-backed cryptocurrency that is backed by physical gold stored in vaults in Singapore. Each DGD token represents 1 gram of gold. The tokens are ERC-20 compatible, meaning they can be stored in any Ethereum wallet. DGD is available on several cryptocurrency exchanges, including Binance, Bitfinex, and HitBTC.
4. Goldmint (MNTP)
Goldmint (MNTP) is a gold-backed cryptocurrency that is fully backed by physical gold stored in a Swiss vault. Each MNTP token represents 1 gram of gold. The tokens are ERC-20 compatible, meaning they can be stored in any Ethereum wallet. MNTP is available on several cryptocurrency exchanges, including YoBit and Waves DEX.
5. OneGram (OGC)
OneGram (OGC) is a gold-backed cryptocurrency that is fully backed by physical gold stored in a Swiss vault. Each OGC token represents one gram of gold. The tokens are ERC-20 compatible, meaning they can be stored in any Ethereum wallet. OGC is available on several cryptocurrency exchanges, including Huobi and BitForex.
In conclusion, digital gold is a new investment option that allows individuals to invest in gold without physically holding the precious metal. Several platforms offer gold-backed cryptocurrencies that are backed by physical gold stored in secure vaults. Investors can choose from a variety of platforms, each with its own features, benefits, and risks. As with any investment, it is important to do your own research and carefully consider the risks and benefits before investing in digital gold.