London’s and CoinShares extend partnership to support “Wrapped” gold backed crypto token

Product Manager at Amadeo Pellicce has announced the company has extended its partnership with CoinShares to facilitate the launch of wrapped-DGLD (wDGLD), an ERC-20 compliant token that’s reportedly backed 1:1 with gold.

The wrapped token is designed to combine,

"The appeal of a gold-backed asset like DGLD — available for trading on the Exchange — with the accessibility and flexibility of an ERC-20 token which you can use on the Wallet or anywhere in the Ethereum Network."

The brands have been partners since last year. Blockchain and CoinShares will continue to bring the partnership to life through DGLD token, a crypto asset that represents “allocated physical gold stored in a Swiss vault, and tokenized with a side-chain built on the Bitcoin network.” According to the announcement, wDGLD trading is now open on the Exchange and in the online Wallet. It also comes with additional service of 24/7 gold purchase with independent physical gold ownership.

Gold is first "allocated and placed in the vault", prior to the development of new digital tokens. After the gold deposit, a DGLD “representing that specific gold is created and sent to a DGLD wallet.” outined, "This simple approach unleashes physical gold and renders it both digitally usable and physically redeemable."

Subscribe to BTC Peers

Don’t miss out on the latest issues. Sign up now to get access to the library of members-only issues.