Digital asset wallet provider Lohco and London-based tech firm Matrem have launched together Irreparable token, Or NXT, which are supported by gold and have carbon offsets attached.
As of the May 26 announcement, the tokens represent ownership over physical gold bars that are stored in a vault managed by partner Bullionstar in Singapore.
Each NXT represents a built-in gold strip, with both the token and the physical strip of gold sharing a unique serial number. The tokens are also sold with a warranty, ensuring that the owner of NXT “has full legal authority to redeem the physical gold strip.”
NXT is listed on the popular Ethereum-based NXT marketplace OpenC, with tokens representing one ounce of gold, 10 grams of gold, or 100 grams of gold, respectively.
Also one of 100 grams NXT Features 3D digital art depicting an animated bull on a gold bar. It seems that a version of this token was first listed for 7 ether three months ago on OpenC.
Lohko’s CEO, Antti Sarnio, emphasized the increased utility of token gold over its underlying physical counterpart:
“The main limitation of gold as an investment category has been that it is difficult to transfer ownership.” […] The owners of NXT Gold can sell their gold anywhere and to anyone in any blockchain marketplace. This is a huge benefit to provide better liquidity and higher sales margins to gold investors. ”
Lohko is not the first to give gold tokens, with the Perth Mint Gold token claiming that it was the first token backed by “government-guaranteed gold” to launch on the public blockchain. October 2019, While asset manager Coinshare and wallet provider Blockchain jointly launched a Swiss gold-backed token on a private bitcoin sidechain The same month.
In May 2020, the centralized crypto asset lending platform Celsius launched Yath Product for Teethr’s XAUT Gold Token.