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Gold-Backed Cryptocurrency Launched Via Australian Perth Mint

The Perth Mint which is operated by Gold Corporation, a legislative body of the Government of Western Australia is supporting an alliance formed by the consortium of companies and launched a gold-backed cryptocurrency.

The Universal Protocol Alliance- an association formed by Bittrex Global, Ledger, CertiK, and Uphold together endeavoring to make cryptocurrency available in the mainstream which has unique features to get the traction from the world over. 

To make “cryptocurrencies interoperable, in a form that is more secure and convenient than what is currently available,” the consortium has launched a gold-backed token powered by Perth Mint to serve retail and institutional investors.

Reportedly, the new gold-backed token goes by the name “Universal Gold’ or “UPXAU.” The investors can purchase the token from Uphold and make payments via the company’s own debit Mastercard®.

Uphold is a multi-asset and cost-effective platform which caters to cryptocurrency, national currency, and metal. The cloud-based trading platform enables people to buy, sell, hold the assets without any commission fee.

Upholds’s chief executive, JP Thieriot, said that UPXAU is offering three killer features, these are :

 “Spendability, zero holding costs, and government guarantee.”

Source: Twitter

UPXAU is available to purchase in $1 without any investment limits.

The Perth Mint is the world’s largest refiner of newly minted gold which has given quite an interesting offer to the consortium due to which this partnership has become successful.

Also, Australia‘s official bullion mint is quite tech-savvy and not charging any custody fees which is an added advantage over other prominent gold providers. Said Thieriot.

There are various other gold-backed tokens such as US Gold Currency (USG)Tether Gold (XAUT), Paxos’ PAX GoldDigitalX’s token launched in 2020, and 2019 respectively.

By comparison to other gold-backed cryptocurrencies that are charging approx. 0.4% to 0.6% fee, UPXAU is free to hold, meaning not charging custody fees. However, it is yet to clarify whether UPXAU is charging any creation and redemption fee.