This is gold, Mr Bond. All my life, I have been in love with its color, its brilliance, its divine heaviness. I welcome any enterprise that will increase my stock- which is considerable.
So spoke Auric Goldfinger in the eponymous James Bond movie. The name itself, Auric, is an adjective meaning ‘golden’ or ‘of gold’. Goldfinger’s legendary affinity to gold made him one of Bond’s most memorable antagonists.
One can easily extrapolate Goldfinger’s obsession with the precious metal to any mere mortal. Gold has long been a symbol of wealth and social status.
The price of this commodity may fluctuate in the short term, but the metal perennially holds its value and polished reputation, irrespective of temporary market conditions.
The next step in the natural evolution of gold trading is the blockchain. Cryptocurrencies backed by gold signify the next evolutionary stage in the lifespan of digital currencies.
Puregold offers a blockchain-based platform for the tokenization of gold to enable cashless transactions using this precious commodity.
Puregold: Gold-backed cryptocurrency trading on the blockchain
Puregold enters the market as a subsidiary of Puregold.sg, a well-established player in the gold trading market with its own mint and in-house factory, and an international presence in countries such as Vietnam, Malaysia, and Indonesia. The company even has an ATM-like gold-dispensing machine in Singapore.
Puregold intends to become the first payment gateway using a pure gold-backed cryptocurrency (PGG), and a proprietary token to facilitate transactions (PGT). The reliance on gold will ensure Puregold’s liquidity and financial stability.
PGG is Puregold’s own currency, whose value is set at the current market price of physical gold. The value of PGG is equal to that of one gram of gold (999.9 quality).
PGT is a utility token used to pay or offset transaction fees on the Gold-Commerce platform. These transactions can range purchasing gold with fiat currencies, selling gold, or paying merchants.
The Puregold ICO
Puregold’s ICO ran from January 15 to March 14.In total, 50,000,000 PGT tokens were issued.
The Puregold Platform & PGPay
The tokenization of gold is one of the latest trends in the market. Blockchain technology enables such process, allowing investors to trade the valuable commodity quickly and easily.
Puregold’s platform will support this trading method through a number of elements:
- PG Stored Value Cards – These cards will issued to consumers holding a PG account. The card stores both PGG and PGT.
- PG Payment Terminals – A network of terminals will be deployed to facilitate merchants to accept payments made with PG cards
- PG Gold Dispenser Machines (DM) – A number of gold-dispensing machine will be installed at various locations, providing 24/7 access to account holders.
PGPay Payment Gateway
The entire Puregold value proposition will be underpinned by the PGPay Payment Gateway, which is is the entire backend infrastructure & frontend app that support transactions made online and via mobile devices.
What sets Puregold apart from other gold-backed cryptocurrencies
Puregold is only one of many gold-backed cryptocurrencies, and as such, it’s part of a wider blockchain-based ecoystem.
But Puregold offers a set of features that distinguish it from the rest.
- Offers the first payment gateway using a cryptocurrency supported by gold
- Issues two tokens: PGT for transactions, and PGG as tokenized gold
- Stores its physical gold (investment-grade gold, gold jewellery, and small ingots of up to 100 grams and coins) in a decentralized storage unit run by a third and audited by a security firm
Cross-promotion with Jetcoin Institute via COSS IO
The Puregold ICO closed down on March 14, 2018. Those who missed out on purchasing tokens during the ICO can now avail of a cross collaboration between Puregold and the blockchain-based sports and entertainment platform Jetcoin Institute, running on Crypto-on-stop-solution (COSS).
Investors can purchase PGT tokens there and obtain an extra 5% PGT tokens AND an extra 10% JET (Jetcoin tokens).
This promotion runs from 15 March 2018 until 8 April 2018.