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22 October 2019

Australia's Gold Mint Is Backing a Crypto Token on Ethereum

Australia's Gold Mint Is Backing a Crypto Token on Ethereum


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The Perth Mint Gold Token (PMGT) was launched by InfiniGold on Friday, and is backed 1:1 by GoldPass certificates issued by The Perth Mint.

“PMGT is digitised gold that allows users to conveniently acquire and have entitlement over government guaranteed physical gold stored at The Perth Mint in a trusted and cost-effective way,” InfiniGold said in an announcement.  The token – designed with the assistance of professional services firm Ernst and Young – is aimed to offer an alternative to traditional gold investment products such as ETFs, while using blockchain tech to allow real-time trading and settlement.

Investors are able to sell their PMGT  back to The Perth Mint via its GoldPass platform, or alternatively can exchange their certificates for gold the mint’s products.

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