DigitalTangible Expands Crypto 2.0 Gold Trading Platform to Asia
Gold-to-bitcoin trading platform DigitalTangible is expanding to Asia through partnership with Hong Kong-based exchange Melotic.
The company is framing the move as a way of allowing customers to trade gold assets via Melotic’s simple interface at lower costs than are normally associated with bullion exchanges.
DigitalTangible allows investors to move value from physical gold holdings to bitcoin, which can then be stored or traded. The firm says its Proof of Custody global gold accounting ledger lowers investment and portfolio management costs for customers.
In the last year, China has become a important centre for some segments of the bitcoin industry, most particularly mining and trading.
Founder and CEO Taariq Lewis said expanding to Asia was a response to a growing need in the region:
“We are responding to the immense Asia and US demand for Asia-based physical gold linked to the bitcoin block chain. We are also expanding our dealer and vaulting with new gold dealers and vault partners in Asia.”
Figures from World Gold Council suggest China has become the world's number one producer of gold in recent years, and last year became the biggest consumer. Asia in general accounted for 63% of total consumption of gold jewelry, bars and coins last year, up from 57% in 2010, the council has said.
Gold on the block chain
The partnership with Melotic will extend new opportunities to DigitalTangible customers, allowing bitcoin buyers access to altcoin markets and gold buyers the ability to trade asset tokens with others.
DigitalTangible says customers trading on Melotic will pay transactions fees no higher than 0.25%, although the latter company's website indicates rates may be as low as 0.1%.
“DigitalTangible is the only service that links real physical commodities to a block chain, stores it in provable custody through its gold partnerships, and also enables customers to take delivery of the goods," said Melotic’s CEO and Founder Jack Wang, adding:
"They have effectively put gold into the bitcoin block chain, which allows customers from all over the world to invest and trade in assets in a way that was previously impossible."
Melotic provides a platform for the exchange of digital assets for bitcoin and gold. Users can trade with altcoins such as dogecoin, litecon and stellar, as well as appcoins like ltbcoin and storjcoin.
According to Lewis, DigitalTangible has taken over $210,000 in total gold sales since its July launch. Additionally, its peer-to-peer trading platform completed $35,000 in transactions in just one week.
He added that with the continuing decline in the price of bitcoin, the company stands to see increased business as "bitcoin holders take refuge in gold's relative stability".
Disclaimer: This article should not be viewed as an endorsement of any of the companies mentioned. Please do your own extensive research before considering investing any funds in these products.
Gold dragon image via Shutterstock
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