Tokenize Xchange Announces Listing of Gold-Backed Token Digixby Company Announcement August 26, 2019
Singapore-based Tokenize Xchange announces its partnership with Digix, a company based in Singapore to change the way users manage their physical assets.
The partnership constitutes the listing of Digix Gold Token (“DGX”) on Tokenize Xchange and it signifies the start of tokenising tangible assets in first, Singapore, then the rest of the Southeast Asia market. DGX can be purchased and sold on Tokenize Xchange using United States Dollar (“USD”) and Ethereum (“ETH”).
The partnership with Tokenize Xchange is the final piece of the puzzle for Digix, which has also partnered with two other Singaporean companies to provide its consumers with a transparent model; users will be able to trace the origins of the gold they purchase and where it will be safekept.
Tokenising Tangible Assets
Gold-backed tokens have been increasingly popular and digital gold currencies were attempted before blockchain was invented. Although those early attempts were largely unsuccessful, it surfaced user’s concerns that were questioned the usability of digital currencies.
The feasibility of reintroducing gold-backed tokens has been greatly enhanced with the use of blockchain technology’s infrastructure. Past problems with security, transparency, human errors and frauds can now be addressed and users are now able to track the source, quality and where their gold is stored. The conception of Digix came about as its co-founders understood the lack of a stable coin with an intrinsic value and that using blockchain, a new technology back then, will create a more transparent tracking system for one’s assets.
Every DGX token represents 1 gram of 99.99% physical gold on Ethereum. Digix’s gold cast bars come from London Bullion Market Association’s (“LMBA”) approved refineries to ensure the best standard for its users. Working with The Safe House Singapore, the gold is stored in their ISO 9001 certified vault, ensuring the highest form of security for Digix’s users. Digix also works with ValueMax, one of the oldest and best-established pawnbroking chains in Singapore, for its gold supply. With ValueMax’s huge physical presence in Singapore, it further anchors the credibility and usability of owning DGX tokens.
Forging Greater Accessibility in Southeast Asia’s Digital Asset Dreams
The partnership comes at the back of Tokenize Xchange’s recent milestone as one of only three approved Recognised Market Operator (“RMO”) by the Securities Commission Malaysia to establish and operate Digital Asset Exchanges (“DEX”) in Malaysia.
While Tokenize Xchange has grown a loyal consumer base in Singapore, its new extension in Malaysia as a separate platform further consolidates its position as one of the leading exchanges in the Southeast Asia market. With the safety, reputation and intimate reach of Tokenize Xchange in Malaysia, Digix stands a far better chance of targeting Malaysian clientele, genuinely interested in blockchain and or traditional gold investing.
Likewise, this partnership builds upon DGX’s reputation as the preferred de-facto asset-backed token, and DGX’s availability as an e-payment currency option across Singapore and Europe. Entering the Malaysian market allows Digix to gauge the interest of Southeast Asia for digital assets and e-payment options.
“Digix’s plan to expand into more exchanges are one of our ways to increase adoption into the traditional Gold retail customer base. Tokenize Xchange expertise, particularly in the Malaysian market, gives us the opportunity to expand our reach into Southeast Asia. While at the same time, allowing us the flexibility to do so via traditional currencies.”
Shaun, COO of Digix.
Hong Qi Yu, CEO of Tokenize Exchange expressed,
“It is always wonderful to work with a Singapore-based company which has a strong identity and great project vision like Digix. I hope we will be able to give our local community an alternative to managing their physical assets and that they see the value in what we are doing.”
The Singapore-based exchange is in the midst of developing a Malaysian-exclusive exchange and further updates will be given for the availability of the DGX tokens on the separate platform.
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