Digix has listed its gold-backed Ethereum based token DGX on the Chinese cryptocurrency exchange Hotbit. DGX is backed by 99.99% gold bullion from the London Bullion Market. The 1 gram of gold is equivalent to 1 DGX token and gold bars are stored in vaults in Canada and Singapore.
DGX will be paired with Bitcoin (BTC) and Tether’s USD stablecoin (USDT) on Hotbit.
Digix was founded in Singapore in December 2014. It has two cryptocurrencies, Digix Gold (DGX) and DigixDAO (DGD). and they are also planning to launch more tokens in silver, platinum and other precious metals.
Digix bears the operational cost of its vault in Singapore. When gold is deposited in the vault a PoA Asset Card is created, which stores digital signatures of the vendor, auditor and custodian vault. In addition, each gold bar’s serial number along with other information is physically registered on the DGX Ethereum blockchain. The number of DGX tokens will depend on the amount of gold stored in Digix’s vaults.
With this development, Chinese users get not only access to Digix but also access to altcoins listed on Hotbit. It will, in turn, impart stability to a volatile cryptocurrency market by virtue of it being backed by a physical asset.
Shaun Djie, COO and Co-Founder of Digix said,
Hotbit has the accessibility and diversity of alternative digital assets and tokens. This enables us to have DGX exposed to more asset classes…
DGX is targeting the Southeast Asian economies. It is listed on the Philippines cryptocurrency exchange Cezex, South Koreas ProBit and now Chinas Hotbit.