wiss bank thinks about the “digital ownership” of physical gold

On 15 December, the Swiss bank Seba, authorized by FINMA, announced the launch of a gold token that can be delivered in physical form, on demand. Seba believes the token can be leveraged as a compliant stablecoin "backed by responsibly sourced gold".

Swiss crypto bank Seba introduced a number of new crypto products this year, such as adding decentralized finance (defi) tokens to the company's product line. In October, the Swiss bank revealed that clients can earn a return on crypto holdings on an "institutional" basis. On Wednesday, Seba revealed its token offering which can be exchanged for physical gold at any time.

"The Seba Bank Gold Token is a historic development in investment products, which allows investors, for the first time, to own a digital equivalent of physical gold, through a fully regulated and cost-effective solution," reads the announcement. of the Swiss bank.

Seba's gold token has many competitors. According to Seba, the bank worked with a service provider in the precious metals (PM) sector called Argor-Heraeus. The Swiss bank announced that the blockchain-based PM platform was developed by Axedras. "Seba Bank's Gold Token can increase the adoption of precious metals by providing a cheap, safe and straightforward solution to investing in gold," the company noted Wednesday.

"Gold plays an important role in the capital markets. With a market capitalization of over $ 11 trillion, it offers investors reliable hedging against inflation and a store of value regardless of economic turmoil. Gold was once the economic unit of account around the world, forming the basis of our international monetary system, "said Guido Buehler, CEO of SEBA Bank. Seba's CEO added that with the launch of their innovative Gold Token, they are enabling investors to own a fully regulated digital form of physical gold for the first time.

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