Finance & Capital Market

First gold-backed digital currency launched in ME

IBMC Financial Professionals Group, an internationally recognised financial services institution and business consultants, has joined hands with US Gold Currency and Blockfills to bring the world’s first monetary gold-backed digital gold currency to the Gulf Cooperation Council (GCC), Middle East and Africa. 
 
The currency is also being simultaneously introduced in India, said a statement.
 
IBMC has partnered exclusively with US Gold Currency, the issuer of the US Gold digital currency, and Blockfills, the transaction platform provider, it said.
 
Each US Gold digital currency is backed by US American Eagle one ounce (33.931 gram) gold coin, minted by US Federal Agency, US Mint. The holders of the currency can redeem their digital assets as physical gold coin or in US dollars anywhere in the world. 
 
IBMC is introducing the digital asset to customers ranging from retail and corporate investors, banks, financial institutions and sovereign wealth funds to treasuries and asset management companies.
The US Gold digital currency was launched on June 22 from Dubai at a specially designed IBMC Hybrid Event by Sheikh Khalid Bin Ahmed Al Hamed, Chairman of IBMC Financial Professionals Group, and Sajith Kumar PK, CEO & Managing Director of  IBMC Financial Professionals Group, with the virtual presence of officials from the US Gold Currency, Asia-Africa Development Council, GSEF and Blockfills USA. 
 
“We have seen significant demand for gold and USG is an innovative and unique digital currency backed by the American Eagle one ounce gold coin. Today’s global economic climate has further increased that demand at the institutional and retail levels. We are very happy to join hands with US Gold Currency and Blockfills in bringing the world’s first monetary gold-backed digital gold asset to the GCC, Middle East and African markets in addition to India,” said Sheikh Khalid.
 
Consumers and businesses benefit from a secure digital asset token that is not subject to the volatile swings of the markets, and from the opportunity to easily exchange their digital currency into a tangible asset, monetary gold coins produced by the US Mint.
 
With the launch of the digital gold currency, investors in GCC, Middle East & Africa will have the significant opportunity to reduce the cost of their transactions as well as have the flexibility of time for making payments.  A customer can login with a secured user ID and password on the trading platform for buying and redeeming the coins. –TradeArabia News Service