A Tokenized gold backed by The Perth Mint, Australia's official bullion mint and wholly controlled by the Government of Western Australia, has been kicked off by a group of crypto companies including Ledger.
Purchase of the token described as universal gold or UPXAU can be made on Uphold and can be spent using the company's debit card. There are no limits to invests, thereby allowing all investors to purchase universal gold from 1 dollar, which is different from mainstream gold products whose monthly custody fee is a percentage of 0.4.
The Chief Executive Officer of Uphold Inc. JP Thieriot announced on the 30th of July that the token has three amazing characteristics: zero holding cost, a guarantee from the government, and spendability.
The CEO in discussion with Cointelegraph made mention of how the UPXAU project has been in progress for years, and the attention of Perth mint was brought a few months back by a well-known Goldbug, one of the union's largest trader.
All the golds held by Perth mint are well insured just like America dollars held in the US banks are guaranteed by the FDIC ( Federal Deposit Insurance Corporation)
Custody charges are not demanded, and Perth mint is technologically intelligent, says Theriot. He also included that for the past six years, they've been operating with other well-known gold providers, but none can be compared to the offers of the Australia's official bullion mint.
Source: Cointelegraph
