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Swiss bank Seba launches regulated gold tokens to strengthen “digital ownership of physical gold” – Altcoins

On December 15, the Swiss bank Seba, licensed by FINMA, announced the introduction of a gold token that can be delivered in physical form on demand from the company’s partner refineries at any time. Seba believes the token can be used as a compliant stablecoin that is “backed by responsibly sourced gold.”

Swiss bank launches ‘Seba Bank Gold Token’ backed by physical gold stored at partner refineries

The Swiss-based crypto bank Seba introduced a number of new crypto products this year, such as Add decentralized financial (defi-) tokens for the company’s product range. In October, the Swiss bank revealed that customers can generate a return on crypto holdings in an “institutional way”. On Wednesday, Seba revealed its gold token offering, which can be exchanged for physical gold at any time.

“The Seba Bank Gold Token is a pioneering development in investment products that enables investors for the first time to own a digital form of physical gold via a fully regulated, cost-effective and future-proof solution,” said the announcement by the Swiss bank.

Seba CEO says gold plays an important role in capital markets, Seba’s gold token has many competitors

According to Seba, the bank worked with a service provider in the precious metals (PM) industry called. together Argor-Heraeus. The blockchain-based PM platform was developed by Axedras, reveals the announcement by the Swiss bank.

“The Seba Bank Gold Token can promote the acceptance of precious metals by offering an inexpensive, secure and uncomplicated solution for investing in gold,” the company stated on Wednesday.

“Gold plays a major role in the capital markets. With a market capitalization of over $ 11 trillion, it offers investors reliable inflation protection and value storage regardless of economic turmoil. The gold standard was once the economic unit of account worldwide and formed the basis of our international currency system, ”said Guido Bühler, CEO of SEBA Bank, in a statement.

The Seba CEO added:

With the introduction of our innovative gold token, we are building on this story to enable investors to own a fully regulated digital form of physical gold for the first time. Our gold token is physically redeemable directly from refineries on demand at any time, eliminates the friction of gold ownership for investors and offers a cost-effective solution for owning the useful asset in the new economy.

Seba Bank is not the only gold token based on blockchain technology as there are gold tokens issued by Paxos (PAXG) and Tether Limited (XAUT) deposited with one ounce of 0.999 fine gold. In the first week of August, PM industry giant Kitco started a gold-backed token on Ethereum. Have gold-backed tokens got a bonus in the past on a few opportunities compared to the spot market prices of gold.

What do you think of the Seba Bank launching a gold-backed token that can be exchanged for physical gold? Let us know what you think on this matter in the comments below.

Jamie Redman

Jamie Redman is the News Lead at News and a Florida-based financial tech journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 4,900 articles for News on the disruptive protocols emerging today.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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