Yesterday, Aussie fintech firm InfiniGold announced the launch of a digital token backed by the gold stores held by the Perth Mint, one of the world’s largest precious metals refiners. The company said it would issue Perth Mint Gold Token (PMGT) as an ERC-20 token over a public Ethereum blockchain.
The Government of Western Australia owns the Perth Mint. Last year, InfiniGold launched a mobile app, GoldPass, for trading digital gold certificates issued by the Perth Mint. However, these certificates use proprietary technology and not blockchain.
InfiniGold’s
announcement said each token will be backed 1:1 by GoldPass certificates. If they wish, consumers can redeem each GoldPass for a range of Perth Mint products or sell them back to the mint.
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