XBullion Update
Xbullion Holdings has ceased providing any virtual asset service
1 min
Highlights:
November 2021 - xbullion has launched their gold-backed token (GOLD) and silver-backed token (SILV) on the Australian cryptocurrency exchange, Coinstash. The tokens can be purchased using Australian Dollars. This marks a big step for the Australian digital asset industry with the introduction of an institutional grade, physically backed gold and silver token.
The Aussie cryptocurrency exchange, Coinstash, has quickly made waves in the Australian crypto space, making it an ideal platform for xbullion to reach the Australian market. As the world becomes more aware of the inherent issues in the gold and silver markets, a reputable secure digital solution providing physical ownership addresses a lot of the concerns of paper gold and silver traders. Xbullion GOLD and SILV unify the benefits of physical ownership with the liquidity of paper backed markets.
This is another milestone achievement for xbullion with its mission to offer the world asset security, direct ownership and global liquidity in commodities. Achieved through an immutable ledger of transactions, and implementation of best practices in precious metals storage, xbullion works with a best-in-class ecosystem of industry leading partners across vaulting, auditing, logistics and supply to deliver peace of mind to their users.
The xbullion GOLD and SILV tokens are precious metals-backed tokens harnessing the blockchain to create an immutable record of gold or silver ownership. Each GOLD token represents direct ownership in 1 gram of 9999/LBMA gold bullion, and SILV represents 1 gram of 999 investment grade silver bullion; both metals are insured, audited, and secured in state-of-the-art geo-dispersed vaults. GOLD and SILV tokens can be traded, accessed, or sent anywhere around the world within seconds to any ERC-20 compatible wallet or exchange that supports xbullion products. xbullion’s approach is unique in the market with its ability to provide unparalleled digital asset security through their smart contract functionality. GOLD and SILV transactions are unable to be reversed or changed providing a tamper-proof ledger of ownership, transactions and balances.
“Xbullion is presenting the market with a digital version of gold and silver that acts like real physical bullion.” - David Lightfoot, CEO of xbullion.
GOLD and SILV tokens can be redeemed for their respective physical bullion subject to a current 1kg minimum. xbullion, through their logistics solution, is able to send the physical bullion, via insured couriers to most major cities around the world (additional fees apply for this service). Alternatively, GOLD or SILV tokens can be easily and rapidly exchanged for local fiat currency or other digital assets.
The Aussie cryptocurrency exchange, Coinstash, has quickly made waves in the Australian crypto space, as it expands rapidly in the region, enjoying more than 30% month-on-month user growth in October [2021].
The Coinstash platform presently allows customers using Australian Dollars to purchase, sell or exchange cryptocurrency. Coinstash is registered with AUSTRAC and has participated in the Australian Government Austrade’s Landing Pad initiative. Having recently acquired an Australian Financial Services License (AFSL) company to accelerate the launch of their Coinstash Earn product to Australian customers, Coinstash has rapidly become one of Australia’s most trusted and reliable platforms for buying and selling cryptocurrencies.
“Coinstash’s simplicity, coupled with excellent customer support, creates frictionless usability for customers” as stated on their website. “We are proud to be supporting another Australian initiative. What we appreciate is the fact that xBullion brings a new chapter in the tokenisation of assets to everyday Australians. I am personally a gold investor myself and am super excited to see the application of cryptocurrency and blockchain technology to the precious metal industry’, says Ting Wang, CEO and co-founder of Coinstash. “To celebrate this listing, we are also running a promotion to giveaway some free GOLD and SILV. You can win by simply spinning a wheel!” He adds.
The listing with Coinstash aligns well with the institutional grade focus of xbullion, as together they prioritise asset security and peace of mind. The offering of both GOLD and SILV on Coinstash is another step in enabling the wider accessibility of direct ownership of commodities enabled through xbullion’s blockchain based solutions. “Our GOLD and SILV tokens take away the headaches of investors having to organise storage, auditing, and insurance while still owning the underlying physical asset", said David Lightfoot, CEO of xbullion.
"The market is becoming increasingly aware of the inherent flaws and risks of paper traded gold. We at xbullion have created a solution for users to directly own the underlying physical metal without having to sacrifice many of the liquidity benefits found in paper markets. This coupled with additional benefits enabled by a secure decentralised blockchain allows for fractional, global and near instant transactions, a feature new to the historically significant monetary metal. From the investors' perspective, the GOLD and SILV tokens represent direct ownership over the underlying physical bullion and thus track the current gold and silver rates.”
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