Perth Mint Gold Token Launch

Bitcoin Dogs Coin
Worlds First Bitcoin ICO Presale Ends 15th March
Bitcoin Dogs Coin
Worlds First Bitcoin ICO Presale Ends 15th March

Perth Mint Gold Token Launch

By Benson Toti - min read
Updated 21 March 2023

A new digital coin called the Perth Mint Gold Token (PMGT) has been launched. This token is backed by the only Australian bullion mint and aims to let people invest in gold using the blockchain.

The company behind this say that “PMGT is digitised gold”. How exactly will it work, though? Could this replace Bitcoin as a safe haven in the digital age?

The Perth Mint Gold token is digitised gold
Image courtesy of Shutterstock

What Is It About?

Perth Mint Gold has been released by InfiniGold. The idea is that it is backed by GoldPass certificates. These are issued by the Perth Mint in Western Australia on a 1 to 1 basis.

In short, this token can be classed as like a form of digital gold. It has the backing of the government of Western Australia, who are the sole owners of this 120-year old mint.

Investors will use the GoldPass app to trade these gold-based tokens. It is currently only available for Australian citizens. In addition, they need to complete an exhaustive identity verification process to get started.

This token is ERC-20 compatible and runs on the Ethereum blockchain.

Who Is Behind This Project?

The team at the Rozetta Institute in Sydney worked on this token release. They were formerly known as the Capital Markets Cooperative Research Centre and were responsible for producing a hugely popular stock market surveillance system in the past.

Mike Aitken is the chief scientist at the Rozetta Institute. He commented that if this token is successful they could launch others. They could base these coins on precious metals such as silver. The team have also been doing their research on the possibility of real estate-based tokens.

Richard Hayes is the chief executive of Perth Mint. He called this new way of trading gold a natural progression for the precious metal and other commodities. He said that among the benefits, it will “promote gold as a mainstream asset”.

This process will also make gold more accessible, as well as provide a higher level of liquidity and transparency. It permits real-time trading and could be an alternative to investment products such as ETFs.

Andres Ruf is the chief executive of InfiniGold. He confirmed that they will make their profits on the fees that are paid by people who use GoldPass to trade.

The Future of Commodities?

If the Perth Mint Gold Token is a success, it could promote a new approach for global commodities markets. Using the blockchain to trade them appears to make a lot of sense. It is to be expected that a lot of traders are keen to see how well it does.