SEBA Bank Offers Digital Gold Ownership Token
The Swiss digital asset bank SEBA offers a stablecoin (SEBA Bank Gold Token), that serves as a token for digital ownership of gold. SEBA announced that the token will be backed by physical gold, ready to be delivered on demand at any time.
The token differs from other gold derivatives investment products such as exchange-traded funds (ETFs) or over-the-counter (OTC) contracts in that investors can redeem the physical metal at any time. The token can also be used as a compatible stablecoin in trading, or act as a store of value, according to SEBA.
The Paxos New York Exchange introduced the tokens backed by physical redeemable gold in September 2019. According to CoinGecko, PAX Gold (PAXG) has a daily trading volume of just under $11.7 mln.
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