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GoldToken (DGLD) Price and General Overview

GoldToken (DGLD) Price

December 20, 2021 | 

1063 Views | 

Jesus Guzman | 

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What is DGLD?

GoldToken DGLD was launched in an effort to digitize the financial markets. It allows investors to purchase coverage in physical gold using the blockchain-based cryptocurrency.

The coin can be used to make payments for gold bars and gold coins on Gold Avenue, which is the official online retailer of the MKS PAMP Group. It was launched in 2019 and has given investors a more convenient way of investing in gold. With the token, investors no longer need to work with middlemen to buy or sell gold.

GoldToken DGLD Price

At the moment, gold is trading at a price of $1792.50 per ounce, and DGLD network participants are required to set bids and ask prices of DGLD at prices that are equal to or under 1% of the price of the associated physical LBMA gold.

When the cryptocurrency was launched, one DGLD token represented a tenth of an ounce of gold, and every year, this amount goes down slightly. This is because the network accrues demurrage fees that amount to 1% of gold tokens per year.

The fees are paid in the form of new DGLD tokens. The DGLD network has more than $20 million in investment-grade gold allocated in Swiss vaults, and investors can use the token to buy gold on Gold Avenue.

The cryptocurrency can only be traded on The Pit, which is the official cryptocurrency exchange of Blockchain.com.

Who’s Behind DGLD

DGLD was established through a partnership by CoinShares, Blockchain, and MKS SA, all of which are trusted international companies. Blockchain is currently one of the most popular cryptocurrency exchanges in the world.

Similarly, MKS SA is a leading participant in the precious metals market. It is based in Geneva and was founded in 1979.

Coinshares is an international asset manager that provides advisory services in the digital asset industry. It currently manages hundreds of millions of assets and deals with major international investors. The DGLD group is still welcoming a growing number of partners and service providers.

How Do Investors Use DGLD?

Individuals and professional gold traders can all use DGLD as a way of purchasing gold. As noted earlier, the token can be exchanged for actual gold at any time, and this means it is one of the safest stores of value available.

Investors can also use the token to diversify their investments, especially if they think a financial crisis is about to occur. With this token, you don’t need to deal with middlemen or other complicated processes.

You also don’t need to worry about storing physical gold since the metal will be held in Swiss vaults.

Is GoldToken DGLD Controlled by a Central Bank?

No, this coin is not regulated by a central bank. The value of the token is determined by the price of actual gold coins and bars, and individuals can trade it freely on The Pit. It is protected by the power of the Bitcoin Blockchain, so it is not possible for hackers to steal your coins.

The design of the system makes it unnecessary for it to be controlled by a central bank or any other centralized system.

How is DGLD Different from Other Cryptocurrencies and Stablecoins?

Most cryptocurrencies fluctuate in value significantly from time to time. However, stablecoins like Tether and DGLD are developed to have lower volatility, and the developers accomplish this by pegging the altcoins to fiat currencies or commodities.

This means the price of the altcoin will be more or less equal to the value of the commodity it is pegged to.

Unlike most stablecoins, DGLD is not attached to any fiat currencies, and this means it is not linked to central banks in any way. Also, Gold Token is not built on third-party blockchains like most other stablecoins.

It leverages the power of the Bitcoin Blockchain but works on its own blockchain network.

You should also note that anyone who holds DGLD coins is entitled to a set amount of gold, which they can redeem at any time. This is why the network has been referred to as Gold Standard 2.0. This is different from other stablecoins, which are simply backed by commodities or fiat currencies.

Where is the Gold Stored?

A key concern for gold investors is how and where they will store their investment-grade gold. This problem is solved with the Gold Token since the asset will be held in Swiss vaults at 6874 Castel S. Pietro, and these vaults are maintained by MKS PAMP Group.

This group operates in several continents and comprises more than 700 employees, so you can be certain that your gold will be safe. It is a renowned leader in the precious metals industry and provides financial trading services in all notable bullion markets.

How Can an Individual Hold DGLD Tokens?

Since this is gold made digitally, it can only be held in DGLD wallets. More digital wallets are likely to offer support for this token in the future, but at the moment, you can download the DGLD wallet on the official dgld.ch website. To use the wallet, you should follow these steps:

  • After downloading the digital wallet, you can sign up through the main menu.
  • You can then add a secure password.
  • Next, you will have to save the registration.dat file on your home directory, and this can be done using the ‘export’ feature.
  • You can then submit the information and wait for the company to verify your wallet.

How Does DGLD Differ from Gold ETF?

DGLD is not the same as gold ETFs. Exchange-traded funds (ETFs) are usually listed and traded on stock exchanges, and one unit of gold ETFs represents a gram of physical gold.

DGLD is not traded on the stock market and is instead bought and sold on crypto exchanges. Also, one DGLD originally represented a tenth of an ounce of gold, but this amount is set to go down slightly every year. With both investments, traders will be working with a very high gold quality.

Invest in Digital Assets Today

Digital assets like the Gold Token DGLD can be a great way of investing without having to deal with middlemen. Also, you will not have to worry about the storage of the gold bars and coins since they are held in secure Swiss vaults.

DGLD is secured using the Bitcoin Blockchain, which means hackers cannot alter the records.

Whenever you purchase these digital assets, your holdings will be mapped to an existing set of gold, so you can redeem them at any time. In this way, the token simply serves as a digital proof of ownership of gold.

Visit The Pit today to purchase GoldToken DGLD.

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