Crypto Custodian BitGo Adds Support For Gold-Backed Cryptocurrency DGX

News | October 29, 2018 By:

Blockchain security company BitGo has added support for gold-backed cryptocurrency DGX.

BitGo, which provides digital wallets, offline vaults, single integration APIs and private blockchains, announced that DGX has been integrated into its digital currency support with enterprise access.

DGX, created by Singapore-based company Digix, is backed by 99.99% gold cast bars from London Bullion Market Association-approved refiners, on proportional basis of 1 token to 1 gram of gold. DGX will be created only when someone wants to buy gold through the Digix gold marketplace. The BitGo integration will allow users to easily create wallets for DGX.

Kai Chng, CEO of Digix, said that the integration places DGX on an industry recognized platform and would be a springboard for the gold-backed cryptocurrency to be listed on other major exchanges as they head into Q4 2018.

“We are proud to announce that DGX is integrated into BitGo’s digital currency support with enterprise access,” said Chng. “BitGo is the market leader in institutional-grade cryptocurrency security and custodial services, with integrations to some of the largest virtual currency players and exchanges.”

The DGX integration came after BitGo announced the introduction of an ERC-20 powered Wrapper BTC for exchanges and platforms to swap ERC20 tokens against bitcoin on a wrapper contract. According to BitGo, WBTC users will be able to utilize bitcoin in a wide variety of new decentralized use cases, including on decentralized exchanges (DEXs), as collateral for stable coins or lending, for payments and flexible smart contracts within the ethereum ecosystem.

“For the first time, this digital asset will be tokenized with full proof of reserve, backed 1:1 with bitcoin, said Benedict Chan, CTO of BitGo. “Every bitcoin will be accounted for on a dashboard displaying addresses and balances, and users will be able to verify on the blockchain each bitcoin that is held in custody. This can be done by comparing the exact number of bitcoin stored with the total supply of WBTC in circulation via a blockchain explorer like Etherscan.”