Swiss bank issues a token backed by real gold

Briefly:

  • SEBA Bank will be “ mint “tokens backed by real gold
  • Owners can withdraw assets in bullion at any time
  • Tokens are created on the basis of the Ethereum blockchain

SEBA Bank announced the issue of tokens backed by real gold. At the same time, the owners of the digital equivalent can order the delivery of real bars at any time without unnecessary costs for transportation and storage.

Earlier we reported that the Swiss division of BBVA was the first traditional bank to add Ethereum to their cryptocurrency services. Now another structure has “swung” into this market.

SEBA Bank announced plans to issue a gold token back in March this year. The company noted that this will create a new standard in the crypto-sphere, as well as expand the opportunities for investors in the precious metals market.

Unlike traditional gold-derived assets, SEBA Bank token is backed by real bullion. All “coins” of the ERC standard – 100 and are distributed on the basis of the blockchain Ethereum.

The owner of digital assets can order bars from refineries at any time. Moreover, they will be delivered as soon as possible. So you do not have to overpay for transportation and long-term storage as in the case of investing directly in precious metals.

The SEBA Bank representative also expressed the opinion that Gold Token can be used as a stablecoin or hedge asset. This is due to low volatility, as well as conditionally stable quotes on the precious metals market.

SEBA Bank is licensed by the Swiss regulator. Therefore, the organization will independently manage the sale and storage of assets. The technical partner in this project is Argor-Heraeus, one of the largest precious metals processing plants in the country.

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