Gold & gold-backed coins have risen in popularity as economic uncertainty has continued to unfold this year.
A cryptocurrency industry consortium known as the Universal Protocol Alliance has launched a new gold-backed Stablecoin that is pegged to gold guaranteed by the Western Australian Perth Mint, which is owned by the Australian government.
The consortium, which counts Bittrex Global, Ledger, CertiK, and Uphold among its members, has dubbed the token as ‘Universal Gold,’ or UPXAU. The token can be purchased for an investment as low as $1; there are no limits on how many tokens can be bought. The tokens also have no holding fees, as many more traditional gold investment products do.
JP Thierot, chief executive of Uphold, told CoinTelegraph that “the Universal Gold project has been in the making for quite some time,” and that one of the Alliance’s largest investors is “a prominent goldbug” who helped to develop the Alliance’s relationship to the Perth Mint.
“The Perth Mint is the largest refiner of new gold in the world, and is owned by the Government of Western Australia, which guarantees all the gold it holds in the same way the FDIC guarantees US dollars held in American banks,” Thierot explained.
The Association has also described the coin as being imminently spendable: Forbesreported that as soon as an investor buys some UPXAU, “she can spend parts of it using her Uphold credit card, or take physical delivery.”
UPXAU isn’t the Perth Mint’s first gold-backed crypto token
The token is somewhat similar in nature to the Perth Mint Gold Token (PMGT), which was launched by Australian fintech firm Infinigold last year. The gold backing PMGT is also guaranteed by the government of Western Australia, which owns the Perth Mint. Therefore, when PMGT launched, the company claimed that its coin was “the world’s first sovereign gold digital token.”
At the time of PMGT’s launch, Richard Hayes, chief executive of the Perth Mint, said that “the digitization of gold via a public ledger is a natural progression for the global commodity markets.”
“It will promote gold as a mainstream asset, enhance its accessibility, and offer greater Liquidity , transparency, and auditability of the real assets backing this type of digital token.”
Global turmoil has brought increased attention to gold
In January of this year, a report by Bitcoin.com found that there are at least 77 of these gold-backed projects currently on the books in spite of the fact that at least 30 similar projects have failed over the course of the last ten years.
Since January, a number of new gold-backed stablecoins have continued to launch, including Tether’s XAUT, another gold-backed stablecoin that was launched in February.
As global tensions have continued to develop throughout the year, the price of gold has increased from roughly $1,530 on January 1st to around $1,980 at press time.
A cryptocurrency industry consortium known as the Universal Protocol Alliance has launched a new gold-backed Stablecoin that is pegged to gold guaranteed by the Western Australian Perth Mint, which is owned by the Australian government.
The consortium, which counts Bittrex Global, Ledger, CertiK, and Uphold among its members, has dubbed the token as ‘Universal Gold,’ or UPXAU. The token can be purchased for an investment as low as $1; there are no limits on how many tokens can be bought. The tokens also have no holding fees, as many more traditional gold investment products do.
JP Thierot, chief executive of Uphold, told CoinTelegraph that “the Universal Gold project has been in the making for quite some time,” and that one of the Alliance’s largest investors is “a prominent goldbug” who helped to develop the Alliance’s relationship to the Perth Mint.
“The Perth Mint is the largest refiner of new gold in the world, and is owned by the Government of Western Australia, which guarantees all the gold it holds in the same way the FDIC guarantees US dollars held in American banks,” Thierot explained.
The Association has also described the coin as being imminently spendable: Forbesreported that as soon as an investor buys some UPXAU, “she can spend parts of it using her Uphold credit card, or take physical delivery.”
UPXAU isn’t the Perth Mint’s first gold-backed crypto token
The token is somewhat similar in nature to the Perth Mint Gold Token (PMGT), which was launched by Australian fintech firm Infinigold last year. The gold backing PMGT is also guaranteed by the government of Western Australia, which owns the Perth Mint. Therefore, when PMGT launched, the company claimed that its coin was “the world’s first sovereign gold digital token.”
At the time of PMGT’s launch, Richard Hayes, chief executive of the Perth Mint, said that “the digitization of gold via a public ledger is a natural progression for the global commodity markets.”
“It will promote gold as a mainstream asset, enhance its accessibility, and offer greater Liquidity , transparency, and auditability of the real assets backing this type of digital token.”
Global turmoil has brought increased attention to gold
In January of this year, a report by Bitcoin.com found that there are at least 77 of these gold-backed projects currently on the books in spite of the fact that at least 30 similar projects have failed over the course of the last ten years.
Since January, a number of new gold-backed stablecoins have continued to launch, including Tether’s XAUT, another gold-backed stablecoin that was launched in February.
As global tensions have continued to develop throughout the year, the price of gold has increased from roughly $1,530 on January 1st to around $1,980 at press time.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Australia Gears Up for Bitcoin ETFs: ASX Leads the Charge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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