Perth Mint Gold Token starts trading on cryptocurrency exchange
The Perth Mint Gold Token (PMGT), the world’s first sovereign gold digital token, started trading this week on the KuCoin cryptocurrency exchange.
Each token is underpinned 1:1 by Perth Mint digital GoldPass certificates, which represent physical gold held in storage at the organization. In addition, the weight and purity of every ounce of gold anchoring PMGT is assured by the Mint’s sovereign owner, the Government of Western Australia.
“With zero fees for custody, storage, insurance and management, PMGT is a cost-effective gold asset and a competitive alternative to traditional gold products, like gold ETFs, banked gold transfers and more,” the Mint said in a press release. “PMGT is also fungible with traditional gold markets, for example, CME gold futures and the interbank Loco London Swap market.”
According to the WA institution, the amount of gold backing each PMGT can be verified in real-time against the gold holding balance of InfiniGold’s GoldPass accounts published by The Perth Mint. This can be done without having to wait for monthly audits to see that the tokens are 100% fully backed.
“As The Perth Mint is the largest refinery of newly mined gold in the world, we’ve got an unprecedented depth of liquidity to bring to the market with the Perth Mint Gold Token,” said Andreas Ruf, CEO of InfiniGold, the commodities digitization company that developed the GoldPass. “We haven’t simply purchased a couple of gold bars, put them in a vault and then tokenised them. We can tap into billions of dollars worth of gold stored at The Perth Mint.”