In a move to further strengthen their partnership, leading European digital currency platform Coinify and asset tokenization platform DigixGlobal have announced that they are composing a “new deal” that aims to allow users to use DGX gold backed tokens for payments in exchange for merchant goods and services through Coinify.



With this expanded collaboration, the companies hope to serve as a building block to bring the worlds of blockchain-based currencies and physical assets closer together.



Digix provides a transparent, auditable, and secure protocol that leverages Ethereum's p2p decentralized consensus system and the Inter Planetary Files System (IPFS) to facilitate the creation of transferable crypto assets on the blockchain. It securely puts LBMA gold assets on the Ethereum blockchain allowing creation of DGX gold tokens.



IBTimes UK explains that Digix Gold can be stored, sent, and received with an Ethereum wallet, and its ownership can be verified in real­time by searching the Ethereum blockchain.



“DGX or Digix Gold Tokens are Ethereum-based Gold Tokens that are backed 100% by gold and can be used to redeem physical gold. Each DGX token represents 1 gram of LBMA certified gold”, the website reads.



Shaun Djie, Marketing Director at DigixGlobal, said that the company has plans to list more physical products such as silver and diamonds at Digix.



DigixGlobal spent over a year building DigixDAO, a decentralized organization established on the Ethereum platform, dedicated to the growth and advancement of a decentralized gold standard economy for the 21st century.



“DigixDAO crowdsale supporters, beginning on March 30, will fully participate in the upside of this collaboration, as the integration will increase transactional volume of DGX gold tokens”, the press release said.



Coinify CPO Lasse Birk Olesen said that the company is considering to add DGX gold tokens to its payment platform alongside 17 blockchain currencies it currently supports.



“This will be the first physically-backed blockchain token to be offered as a payment option for our merchants’ customers. Asset backed tokens represents a significant step forward in the blockchain payment industry. They will increase the adoption of blockchain technology for those who would rather hold tangible assets on the blockchain. We are excited to see this happening and are fully supportive in taking this step forward”, Olesen added.



Coinify has been firming its footing Asia with access to over 10,000 merchants such as Hungry Group, Queal and Just-Sold. The companies have already joined forces earlier in the year to make it possible to own gold on Ethereum.