Gold Solution Banks on COVID-19 Digital Shift

CryptoEcoins

Highlights:

  • Launch of digital gold trading solution xbullion comes amid global rush of asset digitisation.
  • xbullion solves logistical challenges by offering direct ownership of physical 9999/LBMA-accredited gold on a secure platform.
  • xbullion Tokens are redeemable at any time for cash, or physical gold bullion delivered by a globally insured courier
  • xbullion has launched with exchange partner Zipmex, which includes an exclusive portal accessible at trade.xbullion.io.

Sydney, Australia – October 12, 2020: The acceleration of digital trading since the onset of COVID-19 has ignited a new gold rush with the launch of digital gold trading solution xbullion.

Created by a group of Australian entrepreneurs, xbullion solves the current global logistical challenges of moving around gold by aggregating institutional partners and giving participants direct ownership of physical 9999/LBMA-accredited gold on a secure digital platform.

“xbullion brings together best-in-class auditing, suppliers, insurance and technology to provide 24/7/365 instant global settlement for physical gold bullion that easily integrates with existing platforms,” said xbullion CEO David Lightfoot.

“In an environment of expansionary money supply, logistics challenges and increased demand for physical gold, xbullion is the ideal mechanism to invest securely in physical gold bullion.”

Research by McKinsey has found consumer and business digital adoption has vaulted forward five years in about eight weeks as a result of COVID-19.[1]

This trend has been reinforced with the Australian Government last month unveiling an $800 million package aimed at helping businesses boost their digital capabilities.[2]

Mr. Lightfoot said uncertainty in global markets has seen a move towards safe-haven investments such as gold, which has pushed through record prices, with major banks pulling money out of futures and moving them into gold-backed ETFs.

However, he noted that purchasers of ETFs do not own the underlying gold bullion and can experience significant fluctuating premiums above spot price.

xbullion allows traditional ETF investors to directly own their gold bullion while trading at a level closely tracking the spot price provided by best-in-class suppliers.

Gold is supplied to xbullion via some of the world’s largest over-the-counter desks and traded on digital asset exchanges, with bullion recorded via serial number.

xbullion Tokens are redeemable at any time for cash or physical gold, subject to a 1kg minimum delivered by an insured global courier network. Users will receive transparency of their investment via comprehensive audits from leading global accountancy firm BDO.

“For investment portfolios and long-term gold holders, xbullion provides the benefits of pricing, supply, transparency, security, auditing, logistics and liquidity,” said Mr Lightfoot. “xbullion is also ideal to serve as a backend gold management solution, allowing fractional physical bullion to be seamlessly purchased and secured.”

xbullion digital gold (GOLD) is issued by xbullion Holdings, which is owned by Bullion Asset Management Services Pte Ltd (Singapore), and represents direct ownership in physical gold held at vaults in London, Singapore and Sydney.

xbullion has received backing from strategic investors, including publicly listed blockchain technology firm DigitalX and financial services boutique Aura Group, as well as Australia’s oldest and most reputable bullion dealer Jaggards, a founding partner in the business.

xbullion has launched with exchange partner Zipmex, which includes an exclusive portal accessible at trade.xbullion.io and across their exchange network in Singapore, Australia, Indonesia and Thailand.

For more information visit xbullion.io.

[1] https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-covid-19-recovery-will-be-digital-a-plan-for-the-first-90-days

[2] https://www.pm.gov.au/media/digital-business-plan-drive-australias-economic-recovery

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