The Lux List / Finance

Gates of Gold: Puregold issues two cryptocurrencies that are worth their collective weight in gold

Puregold’s gold-backed payment gateway is a serviceable solution for cryptocurrencies supported by the only precious metal that matters

Feb 13, 2018 | By LUXUO

There are numerous gold-back cryptocurrencies in the market. But what separates PureGold is that the implementation of a payment gateway to go along with digitalized gold using two sperate ledgers.

This takes the form of Puregold Gold (PGG) as a cryptocurrency backed by gold and Puregold Token (PGT) as the backbone of its payment gateway. As a result, a virtual store of value can also now be used as a viable currency. It is reassuring that the token issuers are veteran gold traders with physical shops for customers and ATMs that dispense physical gold conveniently.

It goes without saying that gold is still perceived as a stable and reliable investment instrument.  And while the notion of digitalized gold renders it less cumbersome and portable, the idea of going back to basics and paying for goods and services with gold takes a leap of faith that even Tether (USDT) believers will take some time getting used to.

But it’s undeniable that by latching onto blockchain technology, the amalgamation of enhanced security, minimal transaction cost and hedging possibilities to go along with cash and contactless payment is intriguing if executed well.

“It is very likely that a holder of Puregold tokens will feel secure during a crypto-crash,” says Elias Tan, CEO, and founder at Bitcrypto.Asia and a key team member at Puregold. “Investors would re would revert back to gold as the traditional safe haven during such periods of uncertainty.”

As such, Puregold is building the Gold Commerce Platform that is supported by PG Stored Value Cards that will store both PGG and PGT. And if the adoption of PG Payment Terminals takes off, merchants will be able to accept payment using these cards because of this new payment gateway.

In addition, PG Gold Dispenser Machines (DM) that are easily accessible in various locations will ease the process of topping up PGG and PGT in addition to purchasing physical bullion. The ability to seamlessly trade gold with another token holder as well as with holders of other cryptocurrencies on exchanges is the worth its weight in, ahem, gold.

Puregold’s initial token sale is currently ongoing and it will be interesting. It is possible for a futuristic gold economy breaks forth from its doldrums in a world where there are more than 42 million contactless payment terminals in the world that are currently underutilized.

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