Friday, July, 19, 2024 06:52:53

The Singapore-based DigixGlobal Pte Ltd. has recently announced a collaboration with the leading bullion dealer of the United States, SilverGoldBull (SGB), in a bid to jointly complement and strengthen both the firms’ products and services portfolio.

As per trusted sources, Digix, under the agreed terms, will have its precious metals stored in safekeeping with Silver Gold Depository, which reportedly is managed by global security services company Brinks.

According to Mihali Belandis, Manager Partner of SGB, the company currently is in a unique period within the silver and gold spheres and is thrilled regarding its upcoming cycle in the metals space. SGB believes Digix to be the strongest partner available to open up and develop the precious metal market, along with the firm’s robust platform for delivery and metal storage expertise, Belandis added.

For the record, SGB, established in 2009, is one of North America’s largest precious metal retailers. The firm, in a bid to attain greater adoption of cryptocurrencies, reportedly started accepting Bitcoin payments for precious metals since 2013.

Incidentally, the range of cryptocurrencies that SilverGoldBull accepts includes Bitcoin, Bitcoin Cash, Ethereum, LiteCoin, Dash and Ethereum Cash.

For the record, Digix sells digital gold tokens (DGX) that are exchangeable for gold in well-established Singapore vaults. Reportedly, Digix’s DGX are backed by the LBMA (London Bullion Market Association) permitted refiners that offer 99.99% gold cast bars, on a proportional basis of 1 token to 1 gram of gold.

Sources suggest that Digix customers, through the partnership, are expected to enjoy the geographical diversification of bullion supply along with the redemption and delivery points for gold worldwide.

Commenting on the partnership, Kai C. Chng, Digix Global’s Chief Executive, said that the alliance would represent the firm’s first step in bringing gold retailers into the sector. Both Digix and SGB believe that gold should be made accessible to every person worldwide and intend on being a part of making that happen, Chng added.