Crypto-Friendly Digix, SilverGoldBull Partner For Precious Metals Storage, Tradingbr>
Digix and SilverGoldBull (SGB) are partnering to provide its users with a way to safely store the precious metals they can purchase using cryptocurrency. Digix users will have their metals stored in custody with Silver Gold Depository, which uses Brinks as the default network of vault storage of precious metals.
SGB, established in 2009, is one of North America’s largest physical precious metals retailers. Silver Gold Bull focuses on the under-serviced international market. SGB was an early adopter accepting Bitcoin payments for precious metals dating back to 2013. The range of cryptocurrencies SGB accepts includes bitcoin, ether, Bitcoin Cash, Litecoin, Ethereum Cash, and Dash.
Mihali Belandis, Manager partner of SGB, said the company awaits the “upcoming cycle in the metals. With the explosion in users in the crypto market, Silver Gold Bull has realized that there is a new generation of purchasers and traders that don’t necessarily desire the physical redemption of our products. With this said, we believe we have found the strongest partner in Digix to open up this market and develop alongside with our robust platform for delivery and storage of metals.”
Digix is a Singapore company that sells digital gold tokens (DGX) that are redeemable for gold in well- established Singapore vaults. DGX is a digital token 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. Built on the Ethereum blockchain, DGX is the digital representation of physical gold as an ethereum token.
“This represents the first step in bringing traditional gold retailers into the space,” said Kai C Chng, CEO of Digix,. “This is the future, and we are excited that SGB has taken the leap of faith to venture into the crypto space with us.”