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   878

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.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.