Gold Bullion International or GBI, the world’s leading precious metals providers, announced the launch of its highly anticipated, digital, gold-based, cryptocurrency on the Ripple platform.
The popular protocol renders the investors with the facility to expend their units of physical gold balance (XAU) online, transfer it electronically to friends and family, or use the gold units as a mode of payment wherever Bitcoin is an accepted form of payment.
By collaborating with the Ripple blockchain, GBI has added a golden feather to the properties of the originally precious and rich metal, Gold. It aims to extract benefits by combining the iconic qualities of gold metal with the vast expanse of the digital currency arena.
The notable co-founder and CEO of GBI, Steven Feldman, quoted that, “Ripple changes the dynamics of value, allowing for a real-time market that can instantly trade between gold, currency, mobile minutes, and more.”
We have been leaders in combining technology and precious metals, and our integration into Ripple allows us to continue our push into digital currencies by enabling investors to now buy digital physical gold,
further added the spearhead.
The Simple Pedagogy of XAU Balances
GBI issues XAU balances to the investors who are the owners of Bitcoin. These XAU balances act as the trading medium for the traders on the Ripple network.
The XAU balances are secured by physical gold, which is deposited in the vault rooms located in prime cities like New York, London, and Zurich. GBI accounts for over $1 Billion amount in the form of completed transactions. It boasts of some of the biggest institutional firms as its clients, one such customer being, Merrill Lynch.
One of the shining features of the blockchain system is that the owners can liquidate their XAU balances into physical gold at any moment of their convenience and choice.
Savneet Singh, the co-founder and chief of the Digital Currency section of GBI, said: “Investors can withdraw their XAU balance at any time and GBI will send the corresponding amount of physical gold.”
She further added,
GBI allows those who prefer the security of a precious metals-backed currency to now buy digital units of that currency on Ripple with complete confidence in the security of their assets. This continues our movement into the digital currency world, and we look forward to sharing future exciting announcements shortly.
Ripple, being one of the most sorted blockchain platforms, facilitates the currency conversions at a great speed making the transactions proceed seamlessly on the network chain. XAU balances can be traded at any platform which accepts Bitcoin. These include Overstock, Expedia, Dell, etc.