Silver and gold, long-time staples in the global economy, are entering the age of digital finance.
Gold and silver have a history as safe-haven investments, trusted units of account, and affordable media of exchange, according to the LODE Project, a company constructing a blockchain-powered gold and silver payments platform.
“LODE has utilized the innovative application of blockchain technology to give these metals a role in the digital economy,” says Nick Prouten, an Ambassador at the LODE Project.
Both precious metals and cryptocurrencies have increased in popularity in recent times, as global uncertainty rose in the face of the pandemic. To hedge against the devaluation of the U.S. dollar, investors have sought these alternative assets to diversify their holdings and protect their wealth. Now, a solution has emerged that combines the two worlds.
LODE is mining the value of gold and silver by offering gold-backed stablecoin (AUX) and silver-backed stablecoin (AGX). Both products will make their debut on the Hotbit exchange in the second quarter of 2021, adding a new type of liquidity option to the precious metals market. Hotbit is a leading exchange with more than $46,800,000 in trading volume, according to Coin Market Cap.
Each AGX Coin represents one gram weight and measure of verifiable silver bullion, and each AUX Coin represents one milligram weight and measure of verifiable gold bullion, both securely held and independently audited in the LODE reserves.
The AGX and AUX Coins are developed and minted on the Syscoin blockchain platform, and their listing on the Hotbit exchange will facilitate gold and silver digital trading on a global scale. This development comes at an opportune time, as investor interest in metals and concerns of supply shortages are on the rise.
LODEpay also offers an app, the LODEpayWallet, to make digital transactions of gold and silver more accessible. The app allows users to send, spend, and store funds backed by digital silver and gold. In addition, users of the LODEpayWallet can obtain virtual credit cards that they can use to spend AGX and AUX anywhere that credit and debit cards are accepted.
Visit lodepay.com to learn more about metals-backed digital assets, and to test digital gold and silver by downloading the LODEpay Wallet via Google Play or the App Store.