RATE Group | Coinshares, Blockchain Launch DGLD Gold Token as a Bitcoin Sidechain
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Coinshares, Blockchain Launch DGLD Gold Token as a Bitcoin Sidechain

15 Oct Coinshares, Blockchain Launch DGLD Gold Token as a Bitcoin Sidechain

Posted at 11:52h in Bitcoin News by

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A consortium of companies launched a gold-backed token with the DGLD ticker on a Bitcoin (BTC) sidechain.

Swiss financial news outlet AllNews reported on Oct. 15 that digital asset managers CoinShares and MKS, as well as wallet service provider Blockchain, announced the launch of the token. Its development took two years and the supply of the token is already worth over $20 million.

Meanwhile, the physical gold is held in vaults managed by bullion brand PAMP in Ticino, Switzerland. It is tokenized using the Ocean Bitcoin sidechain developed by blockchain firm CommerceBlock. 

Sustainability of gold meets Bitcoin’s security

The project reportedly leverages the immutability of Bitcoin’s blockchain, with each token being equivalent to a tenth of a troy ounce of gold. The legal entity behind the token is also based out of Switzerland and is a member of the Swiss self-regulatory organization Financial Services Standards Association. 

CoinShares president Danny Masters commented,…

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