Coinshares and blockchain in partnership to launch “digital gold” (DGLD) a gold-backed token on Bitcoin according to a report published on October 15.
The DGLD token will keep running as a sidechain depending on Bitcoin’s enormous security. That sidechain will be based on Ocean by CommerceBlock, a blockchain organization.
“DGLD combines the stability of the world’s most enduring asset, gold, with the security of the world’s most resilient network, Bitcoin. You can now have the peace of mind of Swiss vaulted physical gold, with the same convenience, but not the same layers of middlemen, as owning a gold ETF.” Chairman of CoinShares Danny Masters said.
Marwan Shakarchi, Chairman of MKS (Switzerland) SA explained further saying “DGLD is the natural progression of our work with gold, and gold formats at MKS. With DGLD, we’ve created a new format for gold ownership which makes vaulted physical gold, digitally useful, 24/7. This has the potential to profoundly change the way gold is used in everyday life,”