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SEBA Bank Offers Token for Digital Ownership of Gold
The token will be backed by physical gold, “ready for anytime, on-demand delivery.”
Digital asset banking platform SEBA is offering a stablecoin that serves as a token for digital ownership of gold.
- The token will be backed by physical gold, “ready for anytime, on-demand delivery,” SEBA announced Wednesday.
- The Zug, Switzerland-based firm said the token differs from other gold derivative investment products, such as exchange-traded funds (ETFs) or over-the-counter (OTC) contracts, because investors can redeem the physical metal at any time.
- The token can also be used as a compliant stablecoin in trading or act as a store of value, SEBA said.
- Stablecoins and other digital assets backed by physical redeemable gold are not new, however, with New York-based exchange Paxos introducing one in September 2019. According to CoinGecko, PAX gold (PAXG) has a daily trading volume of just under $11.7 million.
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Read more: SEBA Bank Introduces Program for Clients to Earn Yield on Crypto
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
