Gold Standard: Singaporean Digix raises $1.3mn to turn gold into cryptocurrency in funding round led by Gold Brain

Digix, a Singapore-based cryptocurrency trader, has secured $1.25mn in its first round of funding.

The funding round was led by Japanese venture capital firm, Gold Brain, and also features Fenbushi Capital, which is based in Shanghai and is one of the biggest backers of blockchain related start-ups in Asia Pacific.

The start-up will use its seed capital to build a platform called DigixDao which will enable gold-backed digital tokens to be traded on the Ethereum blockchain.

The company will therefore be able to tokenise gold bullion.

See also:

Chinese start-up producing food authenticity labels hopes to raise $11.5mn in ICO

China to develop own cryptocurrency

December issue of Business Review Asia – out now!

By reflecting the traditional “gold standard” concept, it is hoped the new cryptocurrency will be more stable for people to invest in than currently available tokens, by fixing their value to that of gold.

Each Digix token represents a real piece of gold secured in a vault in Singapore, meaning that this particular cryptocurrency is backed by a physical asset.

One DigixGold token will be worth one gram of gold.

Digix now has two varieties of token on offer: Digix Gold (DGX), the above tokenised gold reserves, and DigixDao (DGD) which it made available during its initial coin offering (ICO) in March, and is not backed by gold.

Share

Featured Articles

People Moves: Pine Labs, Deutsche Bank, McKinsey, Fortinet

Pine Labs names former Amazon exec as chief people officer, Fortinet hires government affairs leader for APAC, McKinsey India poaches Accenture HR exec

Dialight envisions a world of industrial safety with LEDs

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Must-see speakers at TECH LIVE LONDON 2022 event

Technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force are among the 80-plus speakers at upcoming TECH LIVE LONDON

Vodafone Business cyber leader Kawalec speaks at Cyber LIVE

Leadership & Strategy

Twitter timeline – how Musk pulled off a hostile takeover

Leadership & Strategy

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

Leadership & Strategy