The Alliance for Universal Protocol -a crypto consortium consisting of Bittrex Global, Ledger, CertiK and Uphold- has released a token backed by the Perth Mint owned by the Government of Western Australia.
The tokens, called “Universal Gold” or UPXAU, can be purchased at Uphold and spent with the company’s debit card. Investors can buy UPXAU from $ 1 with no investment limit. Unlike conventional gold products that often have a 0.4% monthly custody fee, it is free to retain the token.
In a July 30 announcement, JP Thieriot, the chief executive of Uphold, said that the token had “three killer characteristics”:
“Expendability, zero retention costs, and a government guarantee.”
Perth Mint Endorses “Universal Gold”
Speaking to Cointelegraph, Thieriot stated that “the Universal Gold project has been brewing for quite some time”Noting that one of the Alliance’s largest investors is “a prominent gold digger” that caught the attention of the Perth Mint several months ago:
“The Perth Mint is the world’s largest new gold refiner, and is owned by the Government of Western Australia, which guarantees all the gold it owns in the same way that the FDIC guarantees US dollars in US banks. ”
He said the Perth Mint did not charge custody fees and was technologically smart. “We have been working with another prominent gold supplier for most of six years, and they cannot match what the Perth Mint offers,” he added.
Gold tokens proliferate
The Universal Gold project is not the first gold-backed token from the Perth Mint. In February, it partnered with Infinigold to launch the Perth Mint (PGMT) Gold token. Other recently released gold-backed tokens include Tether Gold, which launched in January, PAX Gold from Paxos, which began trading in September 2019, and the DigitalX token, which launched in April 2019.
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