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Business

SEBA Bank Offers Token for Digital Ownership of Gold

The token will be backed by physical gold, “ready for anytime, on-demand delivery.”

By Jamie Crawley
AccessTimeIconDec 15, 2021 at 9:48 a.m. UTC
Updated Dec 20, 2021 at 9:39 p.m. UTC
(Shutterstock)

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Jamie Crawley is a CoinDesk news reporter based in London.

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Digital asset banking platform SEBA is offering a stablecoin that serves as a token for digital ownership of gold.

  • The token will be backed by physical gold, “ready for anytime, on-demand delivery,” SEBA announced Wednesday.
  • The Zug, Switzerland-based firm said the token differs from other gold derivative investment products, such as exchange-traded funds (ETFs) or over-the-counter (OTC) contracts, because investors can redeem the physical metal at any time.
  • The token can also be used as a compliant stablecoin in trading or act as a store of value, SEBA said.
  • Stablecoins and other digital assets backed by physical redeemable gold are not new, however, with New York-based exchange Paxos introducing one in September 2019. According to CoinGecko, PAX gold (PAXG) has a daily trading volume of just under $11.7 million.

Read more: SEBA Bank Introduces Program for Clients to Earn Yield on Crypto

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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