DigixGlobal uses digital gold as collateral to provide cash loan services

Rage Review : DigixGlobal, a gold tokenization company based on Ethereum, has successfully protected transactions with Silver Bullion and The Safe House, and is about to re-release the DGX2.0 version. At that time, DigixGlobal will transfer its existing gold reserves to Silver Bullion, one of the largest precious metal dealers and custodians in Singapore. In the Digix platform, consumers can directly use their gold and silver holdings as collateral and provide cash loan services based on the interest rate set by both parties.

Translation: Nicole

Ethereum-based gold tokenization company DigixGlobal has successfully protected transactions with Silver Bullion and The Safe House. In preparation for the upcoming re-release of DGX 2.0, DigixGlobal will transfer its existing gold reserves to Silver Bullion.

DigixGlobal is an asset tokenization company on Ethereum, which mainly puts digital gold ownership into your Ethereum wallet. The statement said that this move can make DigixGlobal's tokens a reliable choice among many digital currencies, and can stimulate future consumers' gold purchases and storage. Silver Bullion was established in 2009 and is one of Singapore's largest precious metal dealers and custodians. It protects Singapore users' precious metal assets worth 200 million Singapore dollars (147 million US dollars), which will also be reviewed by PwC. The Safe House is a branch of Silver Bullion and has been fully integrated into Singapore. Compared with other jurisdictions, Singapore has a strong sense of property rights and independence.

In a recent article written by international business Singapore Asia Global Precious Metals Exchange, The Safe House and Freeport (one of the two major gold and silver storage facilities) were praised.

DigixGlobal has chosen to transition from Malca-Amit to Silver Bullion, and The Safe House can benefit from a massive merger. Kai C. Chng, CEO of DigixGlobal, said: "Silver Bullion is an ideal partner for blockchain technology. Their acceptance of integration with DGX and blockchain technology bodes well for Digix's future growth."

Chng points out that Silver Bullion’s DUX gold and silver testing system uses a concentration meter, ultrasonic thickness gauge measurement equipment, and X-ray fluorescence spectrometer to obtain accurate verification results. You can find Silver Bullion’s full protocol here.

Shaun Djie, Co-founder and Chief Commercial Officer of DigixGlobal, said: “Silver Bullion’s vision of opening up new markets to the world of cryptocurrency makes future partnerships very simple. They are very welcoming to the idea of ​​precious metal-backed cryptocurrencies as this will facilitate the launch of Silver-backed currencies on the DigixGlobal platform.”

Silver Bullion’s peer-to-peer collateral system, which enables current bullion owners to obtain cash loans using their bullion as collateral on its platform, will soon be available to Digix users, opening the door to entirely new DGX use cases.

This means that DGX and gold and silver asset holders can rent out their digital gold as collateral and provide cash loans at market interest rates. Silver Bullion's peer-to-peer lending platform has obtained nearly 11 million SGD in matching loans in its first year, and has maintained a zero record of late payments and defaults.

The peer-to-peer platform will be directly integrated with the DGX token in the future release of the Digix platform, where consumers can directly use their assets as collateral to provide cash loan services based on the interest rate established by both parties, the press release said.

Gregor Gregersen

Gregor Gregersen, founder of Silver Bullion, added: “We heard about the buzz DigixGlobal made last year and were delighted to have the company help us store our precious metals. The ability to store assets from the ground up to digitize them is a hallmark of DigixGlobal’s blockchain technology.”

Digix is ​​currently preparing to re-launch its digital gold platform in late August, the same month GateCoin will re-launch its cryptocurrency platform. Separate talks to integrate DGX have already begun with the Hong Kong exchange.