DGLD, a network with more than $20M in investment grade gold allocated in Swiss vaults and secured using Bitcoin, has launched and is now available for purchase exclusively on The PIT, Blockchain.com’s cryptocurrency exchange.
DGLD is a digital asset (token) created by CoinShares, Europe’s Largest Digital Asset Manager, Blockchain.com, the leading provider of cryptocurrency products including the World’s most popular crypto wallet, and MKS (Switzerland) SA, part of the world’s most trusted gold group. Each DGLD token represents 1/10th of a troy ounce of physical gold stored in Swiss vaults that token holders can physically redeem.
The launch comes at a time when India has been undergoing a major shift in the way gold is owned in the country. Consumers are slowly, but steadily switching from traditional physical-ownership of gold to digital formats of gold ownership that improve liquidity, are accessible 24/7 clock access, lower storage costs, and enhanced security.
As per the World Gold Council study, India holds the record of 23,000 tonnes to 24,000 tonnes of gold worth $800 billion (approximately Rs 54.51 lakh crore), making it the world’s largest investor and holder of gold. And with the current shift of the consumers in the format of them owning gold, the recent India Brand Equity Foundation Study states the digital gold market has grown significantly over the years, with over 80 million customers opening digital gold accounts by March-end 2019.
“India has a storied legacy of being one of the largest transactors and owners of gold, and as such it plays a vital role in how the world’s gold markets evolve. DGLD makes the move toward digital gold ownership more secure, cost-effective, and accessible to the masses, without the middlemen. We’re excited to do our part in enabling more people to own gold, without the high costs and risks of physical ownership,” says Garrick Hileman, Head of Research, Blockchain.
DGLD is now available exclusively on The PIT, Blockchain.com’s cryptocurrency exchange. The PIT is a safe place to trade cryptocurrencies people already hold, or buy more cryptocurrencies using fiat currencies, including USD and EUR with more options coming soon.