Top 5 Gold-Backed Cryptocurrencies

December 9, 2019

Stablecoins have become an answer to the unpredictable volatility of cryptocurrencies. Still, they are believed to be only a stepping stone to the path towards the adoption of digital tokens that are fully backed by such physical assets as precious metals, and gold in particular. Here is a brief introduction to the Top 5 cryptocurrencies that have gold at their core. 

Digix Gold Tokens (DGX)


Digix Gold Tokens is considered as one of the best-performing cryptocurrencies that are backed by the most precious metal of all. DGX is currently ranked 404th on Coinmarketcap, a place that is certainly beyond the attention of the general public. However, such poor showings could be justified by the fact that gold-backed tokens are only making their entrance to the crypto scene, which is characterized by the ever-increasing competition.

DGX is the product of the Singapore-based blockchain company DigixDAO that is engaged in the development of a decentralized autonomous organization, also known as DAO, that offers a solution for the seamless tokenization of gold and other physical assets. The actual gold is obtained from the refineries certified by the London Bullion Market Association. The coin was rolled out in March 2018, and as of now, has a market capitalization of $5,3 million.      

GoldMint (MNTP/GOLD)


GoldMint is a cryptocurrency that emerged in February 2018, from the workshop of the eponymous company that operates in Russia. This firm actually owns the biggest network of pawnshops in the country, which serve as a foundation for the much larger scope of business activities that include scrap trading, refinement of gold, and development of software solutions for the gold industry. The token that presents interest to us is called GOLD; its price is directly correlated with the value of one troy gold ounce. The other token MNTP is presently ranked 1113th and has a price of $0.19 and a market capitalization of $365, 500, which had decreased by more than $1 million since July. 

Xaurum (XAUR)


This coin emerged into the world in 2016 in Slovenia. The company behind Xaurum has self-labeled this token as the “blue chip of crypto,” hinting at its stability and reliability, ensured by as many as 5 tons of gold, which Xaurum should have acquired over the course of the past three years. There is no precise information about the origin of the gold, though the company assures that it is obtained from trustworthy providers and in concordance with the European regulations of the gold market. As per last Xaurum’s report, the price of 1 gram of their gold is exactly 1000 XAUR, while the token itself is currently worth $0,04. Xaurum is ranked 536th with a market cap of $3 million.  

PAX Gold (PAXG)


PAXG has been launched by the team, which stands behind a prominent cryptocurrency exchange and a well-known stablecoin Paxos. The price of this ERC-20 token is tied directly to the value of an ounce of a solid bar of gold, the total weight of which amounts to 400 oz. The gold came from the refinery that is included in the London Good Delivery List issued by the Bank of England. The effective price of 1 PAX Gold token is $1468, which is close to the yearly lows.     

DGLD


DGLD is a gold-backed digital asset that is a central element of the Gold Token Network, which has been launched two weeks ago by CoinShares. This crypto is a joint product of Blockchain, the developer of the popular Bitcoin wallet, the Switzerland-based firm MKS that specializes in gold trading, and CoinShares. The project claims to have acquired $20 million worth of gold bullions, with each DGLD backed by one-tenth of a troy ounce of gold.

Author: Ali Raza for Crypto-Rating.com
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