Australian Crypto Exchange Independent Reserve Adds Support For Perth Mint Gold Token

Announcements, Blockchain, News | September 18, 2020 By:

Cryptocurrency exchange Independent Reserve has added support for Perth Mint Gold Token (PMGT) on its platform.

Founded in 2013, Independent Reserve is an Australian cryptocurrency order book exchange and OTC trading desk. Over 150,000 customers from Australia, New Zealand and Singapore trust Independent Reserve to easily buy and sell Bitcoin, Ethereum, XRP and other major cryptocurrencies. The exchange offers a range of innovative features, including insurance on crypto assets, AutoTrader, KPMG tax estimator, API integration and security.

Issued by precious metals digitization company InfiniGold, PMGT is the first digital gold token on a public blockchain with its underlying asset underpinned by government guaranteed gold. Each digital token is backed 1:1 by GoldPass certificates representing physical gold held by The Perth Mint – the custodian of the physical gold which supports PMGT. This gold is securely stored in its central bank grade vaults and is guaranteed by the Government of Western Australia.

In a press release, Independent Reserve said that its customers will now be able to buy and sell PMGT on its digital asset exchange. The precious metal can be traded against major fiat currencies, including AUD, NZD and USD.

“The listing not only demonstrates the coming together of two leading Australian companies but marks an important milestone for the gold industry, investors and digital asset exchanges,” said Jon Deane, CEO of InfiniGold. “Independent Reserve’s trusted reputation coupled with InfiniGold’s affiliation with The Perth Mint and its store of the government guaranteed gold which backs PMGT has built a solid foundation for the institutionalisation of tokenized assets.”

Gold’s gains have understandably turned heads, including that of billionaire tycoon Warren Buffett who’s holding company, Berkshire Hathaway, recently relinquished investments in two banks, Wells Fargo and JPMorgan, opting instead for shares in gold mining company Barrick Gold.

Moreover, as bonds continue to lose yield worldwide due to flat interest rates, gold is maintaining its comeback by replacing the pension-friendly instruments as a means of combating inflation. In August, the Ohio Police & Fire Pension Fund (OP&F) signed off on a 5% allocation into the precious metal to diversify their portfolio and hedge against inflation risk.

“We see a lot of overlap between cryptocurrency and gold investors,” said Adrian Przelozny, CEO of Independent Reserve. “As such, I anticipate a lot of interest from our customers in being able to easily purchase and trade digitized gold assets.”