8.2 C
New York
Tuesday, October 26, 2021
HomeCryptoCurrencyChilean financial investment firm now sells tokenized gold on Ethereum

Chilean financial investment firm now sells tokenized gold on Ethereum

The Aurica company, specialized in the sale of gold and silver in Chile, added the AurusGOLD (AWG) token to its catalog. This currency, developed on the Ethereum blockchain, maintains its price parity with that of a gram of gold.

On its website, Aurica claims to be “the first financial investment company in physical metals From Chile”. In the capital of the South American country, the company has a commercial office and a local vault.

The store drew up a list of the advantages of acquiring the precious metal from this way. The text is specially designed for its regular customers, accustomed to buying physical gold, in coins or bullion.

Aurica highlights the divisibility of the AurusGOLD token, up to 18 decimal places; the possibility of transferring it; and the advantage of being able to access “grams of gold close to the spot price with minimal rates”. “AWG has the divisibility, fungibility and marketability of any digital asset like bitcoin,” adds the company.

“As the most liquid form of gold, AWG can be used as a mechanism to accumulate and preserve wealth, as a hedge against volatile markets and ultimately as a reliable alternative to volatile fiat currencies. ”

gramo-valor-oro-físico
AurusGOLD maintains its price parity with that of 1 gram of physical gold. Source: áurica.cl

The AWG token is not issued by the Chilean company, but by the British company Aurus Techonologies. Like other gold-backed stablecoins , such as PaxGold (PAXG) and Digix (DGX), AWG has collateral in the metal precious inside a security vault. According to the information provided by the issuer and the Chilean house, at any time it can be redeemed for physical gold.

“The idea is that, as each token is equivalent to one gram and the coins weigh 31, the total is put together and the difference in the costs of internment of the physical metal is paid ”, explains the CEO of aurica, Felipe Muñoz.

As of this writing, each AWG is worth $ 55.52. The token can also be acquired on the centralized exchanges WhiteBit and CBX.

Is gold the best reserve asset?

Although gold has been the world’s favorite store of value for centuries, there are those who dare to question that it will be so forever. CriptoNoticias reported several cases of recognized investors who consider that bitcoin (BTC) could take this place .

“I am a bearish dollar and a bull long-term gold, but I’ve been neutral on both for over six months. Too much liquidity poured into a funnel creates a torrent. Bitcoin may be the asset of the stimulus. It doesn’t look like gold, ”said Jeffrey Gundlach, founder and CEO of DoubleLine Capital.

Marcos Galperin, founder of MercadoLibre and the richest man in Argentina is also optimistic about the cryptocurrency devised by Satoshi Nakamoto: “I think that bitcoin, as a store of value, is better than gold.” He recently said that he bought BTC for the first time in 2013.

Similar is the opinion held by the firm SkyBridge Capital. “Bitcoin is better than gold,” said the company in December 2020, after making a millionaire investment.

However, there are those who consider that it is unrealistic to believe that The first cryptocurrency could, sometime, replace gold or the dollar as world reserve assets. Among them is analyst Michael Burry, recognized for having predicted the great financial crisis of 2008. According to him, governments will be violent against a decentralized currency like bitcoin. China’s currency is the only one that, in his opinion, could ever take the place of the dollar.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read