Bitcoin is often taunted as the new “gold”, the modern version of the most precious commodity on Earth. Whereas Bitcoin has been debated if it holds more transactional or holding value, there is a new digital product that resembles Gold more closely.
Sprott Inc, a Precious Metals investor and APMEX, an online bullion coin dealer have teamed up to launch the OneGold.com platform, the first platform that allows users to transact with Digital Gold and other precious metals.
The digital precious metals are actually backed up by physical metal in a ratio 1:1, or in other words, 100% of the digital gold is backed up by physical one. The physical gold is stored at the Royal Canadian Mint.
The CEO of Sprott commented on the development of the marketplace, saying:
“We are excited to offer precious metal investors a compelling new way to own metals. There’s really only one kind of digital gold, and it’s not Bitcoin or other cryptocurrencies.”
He further stated that the major advantage of OneGold is the 100% “insurance” on the digital precious metals”
What differentiates the digital gold and other precious metals available on OneGold is that they are all backed by physical assets, and that customers can easily buy, sell or redeem them for physical metal. Digital gold combines the stability, risk diversification and long-term store of value provided by physical gold with the security and efficiency of blockchain technology, without the significant limitations of Bitcoin or other cryptocurrencies.”
Other advantages that the platform offers are low transaction costs, convenience for users to receive their physical units of precious metals right to their homes, easy, 24/7 access to the platform and the ability to buy gold and silver in any amount wanted.
Both companies have significant experience in the industry, so OneGold is expected to ignite the interest from many “precious metals enthusiasts”. Both parties have stated that they are looking forward to expanding their current portfolio of precious metals in the near future.
The post This is the new digital gold, and it’s not Bitcoin appeared first on LeapRate.
This is the new digital gold, and it’s not Bitcoin was first posted on November 14, 2018 at 8:51 pm.