Chairman of CoinShares Daniel Masters speaking at the Future of Finance
Chairman of CoinShares Daniel Masters speaking at the Future of Finance, the third annual conference of Imperial College Business School in 2018. Imperial College Business School

CoinShares, Blockchain, and MKS (Switzerland) SA form consortium and release DGLD, a network for digital gold secured by the Bitcoin blockchain, the companies announced in a press release.

Over $20M in digitized gold can be purchased via the new digital asset. Launched today, DGLD can currently be obtained only from the Blockchain.com’s cryptocurrency exchange The PIT.

It was developed in a collaboration between CoinShares, the biggest data asset manager in Europe, Blockchain, a leading provider of cryptocurrency products and MKS (Switzerland) SA, a precious metals and financial services company part of the MKS PAMP GROUP.

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Initially, each DGLD token is worth 1/10th of a troy ounce of physical gold, which is located in Swiss vaults, managed by MKS (Switzerland) SA. The token holders have the option to trade them or exchange them for actual gold.

At the moment global gold purchasing habits seem to be switching from the traditional approach of physically owning the gold to digital platforms, which provide improvements such as increased liquidity, full-time accessibility, boosted security and lower storage prices.

“Too often gold has been pitted against bitcoin as rivals,” says Charles McGarraugh, Head of Markets at Blockchain.com. “With DGLD we’ve thrown that question out of the window to say that the world’s two hardest assets are ideal complements for investors across the world. Market conditions are likely to increasingly favor hard assets in the coming years, and I see this mutually beneficial interplay only increasing over time.”

“If there was going to be a gold standard 2.0, DGLD is what it would look like: supranational, secure ownership of physical gold which is digitally spendable,” says Daniel Masters, Chairman of CoinShares. “That’s exactly what DGLD is – the world’s most enduring physical asset, gold, combined with the world’s most resilient network, Bitcoin, to make gold digitally usable. After two plus years of work, we could not be more excited to see trading of digitized gold begin on the PIT.”

“As Switzerland’s premier gold storage and fabrication facility we are proud to provide the physical infrastructure to support DGLD,” says Marwan Shakarchi, Chairman of MKS (Switzerland) SA. “Our worldwide network of gold clients welcome this digital innovation to a much-loved asset class.”

As we mentioned, DGLD can be obtained and traded only on the cryptocurrency exchange The PIT. The PIT was developed by the creators of 44 million blockchain wallets and is considered to be one of the most secure and reliable platforms for crypto trading.

The platform is operating in 190 countries and it accepts deposits and withdrawals in dollars and euros, however, DGLD cannot be purchased in the US or Canada, yet.

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