Australian Gold Refiner to Launch Cryptocurrency

The aim is to provide a transparent offering that would allow investors to buy and sell gold  with confidence, knowing the products they were buying were completely traceable
24 January 2018   572

The Perth Mint, Australian gold refiner announced that it is developing its own cryptocurrency backed by physical precious metals to make it easier for consumers to buy gold.

For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity, according to chief executive Richard Hayes.

With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it. So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.

 

Richard Hayes

CEO, The Perth Mint

According to the company, the aim is to provide a transparent offering that would allow investors to buy and sell with confidence, knowing the products they were buying were completely traceable. The desire to trace gold from mine site to processing and end consumer fitted well with the blockchain principles, the company added.

A date for a launch of the blockchain-allied products had not been set, it is expected the next 12 to 18 months would result in significant movement in that direction, the company said.

Recently, we have reported that Swiss-based commodities fund Tiberius Group announced its plans to launch cryptocurrency the Tiberius coin, or tcoin, underpinned by physically deliverable metals including industrials such as aluminum and copper in July.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.