Tokenized gold blockchain Digix partners with precious metal retailer SilverGoldBull
Digix, a Singapore based company that sells redeemable digital gold tokens (DGX) and SilverGoldBull (SGB) today announced a new partnership that will complement and strengthen the products and services both companies provide.
Digix will have their metals stored in custody with Silver Gold Depository, which utilizes Brinks as the default network of vault storage of precious metals.
SGB, established in 2009, is one of North America’s largest physical precious metals retailers. Silver Gold Bull has a global vision focused on catering to the large under-serviced international market.
This partnership greatly increases the offering for the customers of both Digix and SGB. Digix customers will soon be able to enjoy geographical diversification of bullion supply as well as delivery and redemption points for gold around the world.
In a move to achieve greater adoption of cryptocurrencies, SGB was an early adopter accepting BTC payments for precious metals dating back to 2013. The range of cryptocurrencies SGB accepts includes Bitcoin, Ethereum, Bitcoin Cash, LiteCoin, Ethereum Cash, and Dash.
“We are at a unique period within the gold and silver space and are excited for our upcoming cycle in the metals. With the explosion in users in the crypto market, Silver Gold Bull has realized that there is a new generation of purchasers and traders that don’t necessarily desire the physical redemption of our products. With this said we believe we have found the strongest partner in Digix to open up this market and develop alongside with our robust platform for delivery and storage of metals. Not only does Digix represent the strongest technology to partner with Silver Gold Bull but it also has management team and ownership, that align with our thinking and strategy for global rollout of the product.”
Digix is a DGX is a digital token backed by 99.99% gold cast bars from London Bullion Market Association-approved refiners, on a proportional basis of 1 token to 1 gram of gold. Built on the Ethereum blockchain, DGX is the digital representation of physical gold as an ethereum token.
“This represents the first step in bringing traditional gold retailers into the space. This is the future, and we are excited that SGB has taken the leap of faith to venture into the crypto space with us.”