DigixGlobal is for those who wish to invest in physical gold but do not have the means for storage and perhaps the physical cash necessary to buy a full-sized bar.
DigixGlobal allows anyone to accumulate gold in minute positions and manage it effectively around the clock with minimal limitations. Through this token, users can participate in a gold ETF as well. Tokens are tradable on cryptocurrency exchanges as well.
The company keeps physical gold backing the cryptocurrency in Singapore and Canada. Furthermore, the custodians they use are fully insured members of the Bullion Association.
Features:
- Users register, choose a wallet and then buy. You can buy DGX with crypto
- 1 token or DGX is equal to 1 g of gold. All gold is backed by 100-gram Swiss gold bars from some of the leading refineries in that country
- The token is based on the Ethereum blockchain, stored on Metamask and other ETH wallets
- Tokens have no storage fee. The ETF storage fee is 0.4% per annum. The physical gold bar storage fee is 0.6%, while the transaction fee for sending tokens is 0.13% per transaction. The “recast” or token conversion fee to physical gold is 1%
You should note that DigixGlobal is reviewing the Singapore Payment Services Act, which may have the company changing jurisdictions.
