Fun

Swiss Bank Seba Launches Regulated Gold Token, Aims to Bolster ‘Digital Ownership of Physical Gold’

News Feed - 2021-12-19 06:12:21

Swiss Bank Seba Launches Regulated Gold Token, Aims to Bolster "Digital Ownership of Physical Gold"


On December 15, FINMA-licensed Swiss bank, Seba, announced the launch of a gold token that can be delivered in physical form, on-demand, at any time from the firm’s partner refineries. Seba believes the token can be leveraged as a compliant stablecoin “backed by responsibly sourced gold.” Swiss Bank Introduces ‘Seba Bank Gold Token’ Backed by Physical Gold Stored at Partner Refineries


Switzerland-based crypto bank Seba has introduced a number of new crypto products this year, like adding decentralized finance (defi) tokens to the company’s product lineup. In October, the Swiss bank revealed that customers can earn a yield on crypto holdings in an “institutional-grade” fashion. On Wednesday, Seba revealed its gold token offering that can be traded for physical gold at any time.


“The Seba Bank Gold Token is a landmark development in investment products, enabling investors for the first time to own a digital form of physical gold via a fully regulated, cost-effective, and future-proof solution,” the Swiss bank’s announcement details. Seba CEO Says Gold Plays a Major Role in the Capital Markets, Seba’s Gold Token Has Many Competitors


According to Seba, the bank worked with a service provider in the precious metal (PM) industry called Argor-Heraeus. The blockchain-based PM platform was developed by Axedras, the Swiss bank’s announcement reveals.


“Seba Bank’s Gold Token can boost the adoption of precious metals by providing a cost-effective, secure and straightforward solution for investing in gold,” the company noted on Wednesday.


“Gold plays a major role in the capital markets. With a market cap of over USD 11 trillion, it offers investors a reliable hedge against inflation and a store of value irrespective of economic turbulence. The gold standard was once the economic unit of account across the globe, forming the basis of our international monetary system,” Guido Buehler, CEO at SEBA Bank said in a statement.


The Seba CEO added: With the launch of our innovative Gold Token, we are building on this history to allow investors to own a fully regulated digital form of physical gold for the first time. Physically redeemable direct from refineries on-demand at any time, our gold token removes the frictions of owning gold for investors and provides a cost-effective solution for owning the asset fit for purpose in the new economy.


Seba bank is not the only gold token built on top of blockchain technology, as there are gold tokens issued by Paxos (PAXG) and Tether Limited (XAUT) backed by an ounce of .999 fine gold. During the first week of August, the PM industry giant Kitco launched a gold-backed token on top of Ethereum. Gold-backed tokens have fetched a premium in the past on a few occasions in comparison to gold’s spot market prices. Tags in this story Argor-Heraeus, Axedras, Backed by Gold, Blockchain, Blockchain gold, blockchain technology, Defi Tokens, gold, Gold Tokens, gold-backed, PAXG, Paxos, PM Industry, PMS, Precious Metals, refineries, seba, SEBA Bank, swiss bank, Tether Limited, Tokens Gold, XAUT


What do you think about Seba bank launching a gold-backed token that can be redeemed for physical gold? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 4,900 articles for Bitcoin.com News about the disruptive protocols emerging today. Dogecoin Soars After Elon Musk Announces Tesla Will Accept DOGE ALTCOINS | 4 days ago Bitpay Adds Shiba Inu Crypto as Petition to List SHIB on Robinhood Exceeds 545K Signers ALTCOINS | Dec 9, 2021


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Wealth Manager Vaneck Launches Polygon and Avalanche Investment Offerings Next articleLeading Mexican Retailer Grupo Elektra Accepts Bitcoin Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNBA Legend Kevin Durant Joins Coinbase to Help Promote the Crypto Exchange’s Brand


American professional basketball player for the National Basketball Association (NBA) Kevin Durant, is joining Coinbase according to a recent report from Bloomberg. According to the report, Durant will appear as “a face of the brand” and will help promote the ... read more.Robinhood Launches Cryptocurrency Gifts Program Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs USDC Sees Native Launch on Avalanche Polygon, Reddit Co-Founder"s VC Firm Launch $200 Million Social Media Web3 Fund

News Feed

Venezuela blocks Binance, X amid presidential election dispute
Jesse Coghlan6 hours agoVenezuela blocks Binance, X amid presidential election disputeBinance has assured its users that their funds are safe after Venezuela cut off access to the exchange and social media platform X.328
A Gateway to Web3: TokenPocket Wallet – a Secure Decentralized Wallet That Integrates Trading, DApp Store, and the Crypto Markets
A Gateway to Web3: TokenPocket Wallet - a Secure Decentralized Wallet That Integrates Trading, DApp Store, and the Crypto Markets press release PRESS RELEASE.TokenPocket has reached
David Attlee20 minutes agoStronghold requests permission to burn tires for crypto mining in PennsylvaniaCompany requests the use of Tire Derived Fuel, citing the United States Environmental Protection Agency’s approval
Bitcoin passes new all-time high in euros as price reaches $65K
Helen Partz14 hours agoBitcoin passes new all-time high in euros as price reaches $65KBitcoin has passed a new all-time high against the euro, breaking a value of 60,000 euros for the first time in history.12011 Total vi
Huobi Launches Blockchain and Web3 Investment Arm Ivy Blocks
Huobi Launches Blockchain and Web3 Investment Arm Ivy Blocks Huobi, a leading cryptocurrency exchange, has announced the creation of a new investment arm to tackle decentralized fi
Binance Blocks Accounts Linked to Relatives of Senior Russian Officials
Binance Blocks Accounts Linked to Relatives of Senior Russian Officials Digital asset exchange Binance has blocked accounts tied to relatives of government officials in Moscow. Ami
Bank Buys Bitcoin in Kazakhstan, Country to Develop Crypto Exchange
Bank Buys Bitcoin in Kazakhstan, Country to Develop Crypto Exchange A financial institution and a coin trading platform in Kazakhstan have teamed up to carry out what they say is t
Bitcoin price falls as global recession and AI bubble fears send investors scrambling
Marcel Pechman5 hours agoBitcoin price falls as global recession and AI bubble fears send investors scramblingBitcoin"s price correction is driven by a weakening global economy, conflict in the Middle East, and concerns
Lucky Player Wins A Second 5,000x Jackpot on Bitcoin.com’s Crypto Casino, Bags Another 3 BTC
Lucky Player Wins A Second 5,000x Jackpot on Bitcoin.com’s Crypto Casino, Bags Another 3 BTC Book of Aztec unleashes the power of luck, and dishes out a massive 5,000x multiplier
Investors in Collapsed South African Crypto Platform Push for Jailing of Africrypt Directors
Investors in Collapsed South African Crypto Platform Push for Jailing of Africrypt Directors A group of investors in Africrypt are reportedly pushing to have criminal charges press
Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments
Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments The British-Portuguese luxury fashion retailer Farfetch said it will accept crypto assets soon thanks
UK’s FCA Suspends Epayments Service – Over £100M Frozen and Alleged Onecoin Connection
UK"s FCA Suspends Epayments Service - Over £100M Frozen and Alleged Onecoin Connection Epayments, one of the largest payment providers in the U.K., has halted operations after t