The alliance for the universal protocol -A cryptoconsortium consisting of Bittrex Global, Ledger, CertiK and Uphold- has released a token that is supported by the Perth Mint of the Government of Western Australia.
The tokens, called “Universal Gold” or UPXAU, can be purchased from Uphold and issued with the company’s debit card. Investors can buy UPXAU from USD 1 without an investment limit. In contrast to conventional gold products, for which a monthly storage fee of 0.4% is often charged, the token can be kept free of charge.
In a July 30 announcement, JP Thieriot, the managing director of Uphold said that The token had “three killer traits”.::
“Consumability, no storage costs and a government guarantee.”
Perth Mint supports “Universal Gold”
Talk to Cointelegraph Thieriot said that “the Universal Gold project has been brewing for some time”To note that one of the largest investors in the alliance is “a prominent gold digger” who attracted the Perth Mint’s attention a few months ago:
“The Perth Mint is the world’s largest new gold refinery and is owned by the government of Western Australia, which guarantees all of its gold in the same way that the FDIC guarantees US dollars to US banks. ”
He said the Perth Mint had no custody fees and was technologically smart. “We have been working with another well-known gold supplier for almost six years and they cannot match what the Perth Mint has to offer,” he added.
Gold brands are multiplying
The Universal Gold Project is not the first Perth Mint gold token. In February, the company partnered with Infinigold to launch the Perth Mint (PGMT) gold token. Other recently released gold-backed tokens include Tether Gold, which was launched in January, PAX Gold from Paxos, which started trading in September 2019, and the DigitalX token, which was launched in April 2019.
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