Klaytn Foundation onboards $GPC (Gold Pegged Coin)

Klaytn Foundation has adopted $GPC (Gold Pegged Coin), along with providing its complete backing of the DeFi platform, Goldstation, on its blockchain. For the uninitiated, the Klaytn Foundation is the setup responsible for the public blockchain, Klayton, in South Korea.

Klaytn is a blockchain created by South Korea’s big-time internet player, Kakao. The entity came out with the information that CREDER, a digital transformation company in South Korea, has released the $GPC token. It is the initial gold token that is being made accessible on DeFi out of Ethereum. It comes with no charges related to percentage-oriented fees for carrying out transactions.

According to Klaytn, $GPC users will be able to benefit from the Klaytn blockchain’s lower gas prices and the flexibility of making smaller investments to buy gold. Negative percentage-based transaction fees may also be responsible for lowering the cost of trading gold tokens on DeFi.

According to the Representative Director of the Klaytn Foundation, Sam Seo, they have been contributing their bit and assisting CREDER in releasing $GPC and Goldstation. In his opinion, it is now time for them to introduce a variety of metal RWA tokenization initiatives targeting local as well as international markets.

As per Goldstation, the information is that it will begin its services, along with the staking of $GPC, on January 24, 2024. Its initial port of call will be the residents of South Korea, and at a later date, it will go international.

Klaytn has spread its use cases to DeFi, real-time asset tokenization, and the Bank of Korea’s CBDC trail project. In November 2023, it was associated with the shipping arm of Korindo, which is an Indonesian big-time player, for scouring tokenization patterns with shipping-oriented assets.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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