There was an interesting debate among alternative media analysts in the financial sphere last week, with one of the arguments having to do with how gold no longer can be a standard because it doesn’t function on a digtial platform.
Clif High of Webbots – Clif then says that unless you can figure out some sort of digital transmission for gold, but then it becomes an issue of trust.
You can listen to the over 2 hour debate below.
Yet ironically a few days later, this concern by Clif High may be just being addressed as a company that initiated an ICO last week to tokenize un-mined gold reserves yet to be produced has signed on with a Fintech company which will back the cryptocurrency with gold on a digital platform in the hopes of ‘redefining the gold standard’.
KEY CAPITAL CORPORATION (OTC PINK: KCPC) is pleased to advise the Company has established a Fintech Division with a specific focus on pursuing blockchain and cryptocurrency opportunities. The Company further advises that it has entered into a gold pre-purchase agreement to deliver gold bullion to support AuX Tokens, a new gold-backed cryptocurrency launched by GoldCrypto.io.
GoldCrypto.io AuX Cryptocurrency Promises to Redefine the “Gold Standard”
As formally launched today, the GoldCrypto.io AuX Token is the first cryptocurrency to be uniquely backed by the ongoing production of physical gold that will continue to accrue over time to the AuX Token gold reserve. The AuX Token has the potential to redefine the “Gold Standard” through a cryptocurrency backed by a gold reserve that will continue to grow.
The major advantage of the GoldCrypto.io approach is that physical gold is pre-purchased from production ready projects while it is in the ground, at a steep discount to market price. Key Capital will be responsible for overseeing the gold production through to smelting and delivery of the gold bullion that will back the CryptoGold.io AuX Tokens.
There has been much recent commentary regarding the potential demise of fiat currencies and the lack of any assets backing the numerous cryptocurrencies that have entered the market including market leader Bitcoin (BTC), which has traded through record levels exceeding US$9,400 per BTC over the past 24 hours. Uniquely, GoldCrypto is claimed to be well-positioned to establish a ‘Digital Gold Standard’ currency that, over time, has the potential to become a global asset-backed reserve currency. – Market Wired