RATE Group | CoinShares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain
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CoinShares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain

15 Oct CoinShares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain

Posted at 16:02h in Bitcoin News by

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Digital asset manager CoinShares is putting gold on the bitcoin blockchain.

Working with wallet provider Blockchain and precious medal trader MKS (Switzerland) SA, the U.K.-based firm announced Tuesday a gold-backed network for trading tokens representing digitized physical gold, a project two years in the making.

According to CoinShares, the network launches today with more than $20 million in gold held in a Swiss vault to back up its tokens. Each DGLD token is backed by 1/10th troy ounce.

CoinShares chairman Danny Masters said the product’s network security is based on the bitcoin state, with DGLD operating as a sidechain of the bitcoin network.

“DGLD combines the stability of the world’s most enduring asset, gold, with the security of the world’s most resilient network, Bitcoin,” Masters said in a statement.

Built on blockchain firm CommerceBlock’s Ocean sidechain platform, the DGLD network is notable in that it combines financial security – the…

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