The Universal Protocol Alliance - a syndicate of crypto corporations comprising Bittrex Global, Ledger, CertiK, and Uphold - has launched a token backed by the Western Australian government-closely-held Perth Mint.
The tokens, dubbed 'Universal Gold' or UPXAU, could be bought on Uphold and spent utilizing the agency's debit card. Investors should purchase UPXAU from $1 with no funding limits. Unlike mainstream gold merchandise which on a regular basis have 0.4% month-to-month custody charges, the token is free to carry.
In a July 30 announcement, JP Thieriot, Uphold's chief govt, mentioned the token had "three killer features":
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"Spendability, zero holding costs, and government guarantee."
Perth Mint backs 'Universal Gold'
Speaking to Cointelegraph, Thieriot acknowledged that "the Universal Gold project has been in the making for quite some time," noting that one of many Alliance's largest traders is "a prominent goldbug" who introduced the Perth Mint to its consideration a number of months in the past:
"The Perth Mint is the largest refiner of new gold in the world, and is closely-held by the Government of Western Australia, which guarantees all the gold it holds in the same way the FDIC guarantees US dollars held in American banks."
He mentioned the Perth Mint didn't cost custody charges and was technologically savvy. "We've been working with other prominent gold provider for the better part of six years, and they can't match what The Perth Mint offers," he added.
Gold tokens proliferate
The Universal Gold challenge just isn't Perth Mint's first gold backed token. In February it teamed up with Infinigold to launch the Perth Mint Gold Token (PGMT). Other gold backed tokens showing just late embody Tether Gold which launched in January, Paxos' PAX Gold which commenced commerce in September 2019, and DigitalX's token which launched in April 2019.
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