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On December 15th, the Swiss bank Seba, licensed by FINMA, announced the launch of a gold token that can be delivered on demand from the company’s partner refineries in physical form at any time. Seba believes that the token can be used as a compliant stable currency “backed by responsibly sourced gold”.
UBS launched the “Seba Bank Gold Token” backed by physical gold stored in partner refineries
The Swiss-based crypto bank Seba has launched many new crypto products this year, such as Add to Decentralized finance (defi) tokens to the company’s product lineup. In October, Swiss Bank disclose Customers can obtain the benefits of encrypted assets in an “institutional” way.Seba disclose Its gold token products can be traded as physical gold at any time.
“Seba Bank Gold Token is a milestone development of investment products, enabling investors for the first time to own physical gold in digital form through a fully regulated, cost-effective, and future-oriented solution,” the UBS announcement details.
Seba CEO said that gold plays an important role in the capital market and Seba’s Gold Token is highly competitive
According to Seba, the bank has partnered with a service provider in the precious metals (PM) industry called Argor-Heraeus. Blockchain-based PM platform is composed of Axedras, The announcement of the Swiss Bank showed.
“Seba Bank’s gold tokens can promote the adoption of precious metals by providing a cost-effective, safe and direct gold investment solution,” the company noted on Wednesday.
“Gold plays an important role in the capital market. Its market value exceeds US$11 trillion. No matter how turbulent the economy is, it can provide investors with a reliable inflation hedge and store of value. SEBA Bank CEO Guido Buehler writes The statement stated that the gold standard was once the global economic accounting unit and formed the foundation of our international monetary system.
The CEO of Seba added:
With the launch of our innovative Gold Token, we will build on this history and allow investors to have, for the first time, a fully regulated digital form of physical gold. Our gold tokens can be redeemed directly from the refinery at any time on demand, eliminating the friction of owning gold for investors and providing a cost-effective solution for owning assets suitable for new economic purposes.
Seba Bank is not the only gold token built on blockchain technology, because there are gold tokens issued by Paxos (PAXG) And Tether Limited (XAUT) Supported by one ounce of 0.999 pure gold. In the first week of August, the PM industry giant Kitco roll out Gold on Ethereum supports tokens.The tokens supported by gold are Got a premium In the past several times Compared with the gold spot market price.
What do you think of Seba Bank’s launch of gold-backed tokens that can be converted into physical gold? Please tell us your thoughts on this topic in the comments section below.
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