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SEBA Bank Offers Token for Digital Ownership of Gold
The token will be backed by physical gold, “ready for anytime, on-demand delivery.”
Updated May 11, 2023, 7:13 p.m. Published Dec 15, 2021, 9:48 a.m.
Digital asset banking platform SEBA is offering a stablecoin that serves as a token for digital ownership of gold.
- The token will be backed by physical gold, “ready for anytime, on-demand delivery,” SEBA announced Wednesday.
- The Zug, Switzerland-based firm said the token differs from other gold derivative investment products, such as exchange-traded funds (ETFs) or over-the-counter (OTC) contracts, because investors can redeem the physical metal at any time.
- The token can also be used as a compliant stablecoin in trading or act as a store of value, SEBA said.
- Stablecoins and other digital assets backed by physical redeemable gold are not new, however, with New York-based exchange Paxos introducing one in September 2019. According to CoinGecko, has a daily trading volume of just under $11.7 million.
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Read more: SEBA Bank Introduces Program for Clients to Earn Yield on Crypto
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