In the Cryptoverse, gold sparkles among the global woes.
Cryptocurrencies have been considered a game-changing technology that has the potential to revolutionize a variety of sectors. Cryptocurrencies may also serve as a secure store of wealth because they cannot be printed or seized.
One of the most common fears among newcomers to crypto is that it is unbacked by anything. It simply appears on a screen; thus, tying or linking them to a physical item makes sense.
Most gold-backed cryptocurrencies are convertible to actual gold and can be exchanged for fiat or other cryptocurrencies on crypto exchanges. Depending on the project, they were backed with gold in various ratios. A single unit of crypto is equivalent to a given unit of gold. Some are backed at 1:1, where one token equals 1 gram of gold.
Gold-backed coins are a more recent version of “stablecoins,” generally pegged to the dollar to reduce volatility. Recently launched, COMTECH Gold Token ($CGO) is backed by real gold that can quickly be identified and separated. Each token follows 100% Shariah guidelines making it the first token of its kind. Each token is backed by an identifiable piece of gold that carries its own audit trail of its transactions.
Unsurprisingly, gold is desired as a conventional hedge against global change and inflation. However, the desire for gold-backed cryptocurrencies is significantly newer.
The token’s investors benefit from improved returns due to gold pricing. Tokens can be traded for gold by investors.
Pessimists contend that PAXG, created by the business Paxos and Tether Gold, has only climbed on the backs of a widespread rush for gold. Both have followed the price of actual gold, which is up around 8.5 percent this year. Compared to gold’s 4 percent gain since February 23, the day before Russia invaded Ukraine, PAXG has increased by 4.5 percent.
We’ll now let’s look at Comtech Gold (CGO), built on the XinFin-XDC Network. The gas fee is near zero for the transaction of CGO and the settlement time is around 2 seconds. Also, there are no custodial fees separately for the gold. You may boost the efficiency of one of the world’s largest blockchain networks with Comtech Gold. With a cryptographically safe, decentralized verification process, all transactions are settled at the speed of light.
We ComTech Gold provides unrivaled reserve transparency so that the community can always be confident that their digital assets are fully backed by Physical GOLD.
ComTech Gold includes Quarterly audits by Custodians based in UAE, On-demand verification for an onboarded entity.
Where you can Buy and Store the CGO?
Currently, CGO is available on Bitrue exchange with USDT (CGO/USDT) pair. Soon, it will be available on other exchanges too.
CGO — Supported wallets are listed below:
- D’CENT Wallet (iOS Wallet | Android Wallet)
- Guarda Wallet (Web Wallet | Desktop Wallet)
- Ellipal Wallet (Hardware Wallet | Mobile Wallet)
- Trezor Wallet (Hardware Wallet)
- Infinity Wallet (Web Wallet)
- Opolo Wallet (Desktop Wallet | Android Wallet | Hardware Wallet)
- ONTO Wallet (Android Wallet | iOS Wallet | Chrome Extension)