On December 15, FINMA-licensed Swiss financial institution, Seba, introduced the launch of a gold token that may be delivered in bodily kind, on-demand, at any time from the agency’s companion refineries. Seba believes the token will be leveraged as a compliant stablecoin “backed by responsibly sourced gold.”
Swiss Financial institution Introduces ‘Seba Financial institution Gold Token’ Backed by Bodily Gold Saved at Associate Refineries
Switzerland-based crypto financial institution Seba has launched various new crypto merchandise this yr, like including decentralized finance (defi) tokens to the corporate’s product lineup. In October, the Swiss financial institution revealed that prospects can earn a yield on crypto holdings in an “institutional-grade” vogue. On Wednesday, Seba revealed its gold token providing that may be traded for bodily gold at any time.
“The Seba Financial institution Gold Token is a landmark improvement in funding merchandise, enabling traders for the primary time to personal a digital type of bodily gold by way of a completely regulated, cost-effective, and future-proof answer,” the Swiss financial institution’s announcement particulars.
Seba CEO Says Gold Performs a Main Function in the Capital Markets, Seba’s Gold Token Has Many Opponents
Based on Seba, the financial institution labored with a service supplier in the valuable metallic (PM) trade known as Argor-Heraeus. The blockchain-based PM platform was developed by Axedras, the Swiss financial institution’s announcement reveals.
“Seba Financial institution’s Gold Token can increase the adoption of valuable metals by offering an economical, safe and simple answer for investing in gold,” the corporate famous on Wednesday.
“Gold performs a significant function in the capital markets. With a market cap of over USD 11 trillion, it provides traders a dependable hedge in opposition to inflation and a retailer of worth regardless of financial turbulence. The gold customary was as soon as the financial unit of account throughout the globe, forming the premise of our worldwide financial system,” Guido Buehler, CEO at SEBA Financial institution mentioned in a press release.
The Seba CEO added:
With the launch of our progressive Gold Token, we’re constructing on this historical past to permit traders to personal a completely regulated digital type of bodily gold for the primary time. Bodily redeemable direct from refineries on-demand at any time, our gold token removes the frictions of proudly owning gold for traders and offers an economical answer for proudly owning the asset match for objective in the brand new financial system.
Seba financial institution is just not the one gold token constructed on high of blockchain expertise, as there are gold tokens issued by Paxos (PAXG) and Tether Restricted (XAUT) backed by an oz of .999 tremendous gold. Throughout the first week of August, the PM trade large Kitco launched a gold-backed token on high of Ethereum. Gold-backed tokens have fetched a premium in the previous on a number of events in comparability to gold’s spot market costs.
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Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 4,900 articles for Bitcoin.com Information in regards to the disruptive protocols rising in the present day.
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