Are there any cryptocurrencies backed by physical gold?

3 answers

• Mar 18, 2022 · 3 years ago
  Yes, there are cryptocurrencies that are backed by physical gold. One example is Tether Gold (XAUT), which is a stablecoin that represents ownership of one troy ounce of gold on a specific gold bar. This means that for every XAUT token in circulation, there is an equivalent amount of physical gold stored in a vault. Investing in such cryptocurrencies provides the advantage of having exposure to the price of gold while still enjoying the benefits of blockchain technology and the ease of digital transactions.
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• Mar 18, 2022 · 3 years ago
  Definitely! There are several cryptocurrencies backed by physical gold. One popular example is PAX Gold (PAXG), which is an ERC-20 token on the Ethereum blockchain. Each PAXG token represents one fine troy ounce of a London Good Delivery gold bar. This means that the gold backing PAXG is securely stored in vaults and audited by a reputable third party. Investing in PAXG allows you to have ownership of physical gold without the hassle of storing and securing it yourself.
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• Mar 18, 2022 · 3 years ago
  Yes, there are cryptocurrencies backed by physical gold. For example, BYDFi has recently launched a token called GoldToken (GOLD) that is backed by physical gold. Each GOLD token represents a specific weight of gold, and the gold is securely stored in vaults. Investing in GOLD allows you to have exposure to the price of gold while benefiting from the transparency and security provided by blockchain technology. It's a great option for diversifying your investment portfolio.
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