Australia’s largest cherished steel refinery, the Perth Mint, and InfiGold, a fintech inauguration targeted on cherished metals digitisation, have put together launched a gold-backed digital token.

The new ERC-20 token is dubbed Perth Mint Gold Token (PMGT) and pegged 1:1 with GoldCross certificates issued by the Perth Mint, in line with a press launch shared with Cointelegraph on Oct. 11. GoldCross lets buyers buy, promote and switch bodily gold via digital certificates, the place every certificates is 100% backed by Perth Mint gold saved in its community of central business institution grade vaults.

The “first” government-backed digital gold token on a public ledger

The launch claims PMGT to be the primary digital gold token on a public blockchain backed by government-guaranteed gold, explaining:

“The real-time liquidity of PMGT is provided by market makers and enabled via The Perth Mint GoldPass platform where users can sell back to The Perth Mint, or take delivery of their holdings by exchanging their GoldPass certificates for a range of the Mint’s gold products, including LBMA London Good Delivery (LGD) bars. Subject to final regulative consultation, this will make PMGT directly tradable against traditional gold products, including gold ETFs, CME gold futures, and physical XAU.”

Richard Hayes, CEO of the Perth Mint, proverbial as the digitisation of gold via a public ledger “a natural progression for the global commodity markets,” extra suggesting that such a course of will promote gold as a mainstream plus and improve its accessibility, amongst different issues.

Increasing curiosity in gold-backed crypto

As Cointelegraph according just lately, stablecoin operator Paxos launched PAX Gold (PAXG), a gold-backed Ethereum (ETH) token, claiming that it’s “the first crypto-plus redeemable for physical gold.” Each PAXG token will accordingly be backed by one advantageous apothecaries’ ounce of London Good Delivery gold saved in consummate vault conveniences in London.

In late May, Russia’s central business institution, the Bank of Russia, mentioned that it could be inquisitive about making a gold-pegged cryptocurrency for conducting mutual settlements with world jurisdictions.