Tuesday, October 3, 2017

HelloGold is a gold backed cryptocurrency that seeks to attract the billions of people who do not use banks

It almost seems like there are a dozen new cryptocurrencies sprouting up each day, with at least 300 new ones going online in just the past two months.  And within this sphere are several cryptos that offer investors and savers a gold backed model, and the viability of resource backed virtual money.

The newest gold-backed cryptocurrency to hit the market is one called HelloGold, and their business model is being directed at the billions of people worldwide who have limited access to financial products since they choose to function outside the banking system.

HelloGold is a gold-backed platform that aims to help the unbanked around the world. Robin Lee, CEO, reflects on the 1997 Asian Financial Crisis when people’s salaries issued in local currency were halved overnight. Stable assets such as gold are a potential answer, but then there are issues of logistics and fungibility of a weight physical asset. This is where the Gold-Backed Token (GBT) backed on an immutable ledger comes in. Lee summarizes the utility of tokenizing their gold saving platform, “In short, everyone can save, and everyone can have access to affordable financing. Democratization through digitization.” 
HelloGold’s platform is going to operate with two separate tokens that serve different purposes. These are the HelloGold Token (HGT) and the Gold-Backed Token (GBT).
The GBT (fully backed by 99.9% investment grade gold) will enable investors to hedge their funds into a “stablecoin” which reaps the benefits of blockchain technology whilst simultaneously utilizing the stability of gold. The GBT will also be redeemable into physical gold for users who are registered on the HelloGold mobile app. The HGT, on the other hand, supports the development of the HelloGold platform itself through the HelloGold Foundation. 
The HGF ICOage Token Resale is currently live and set to end in approximately two days with a hardcap of $9.6M USD. With a successful crowdsale, the HelloGold Foundation aims to accelerate financial inclusion to the underbanked and unbanked around the world. – Crypto Insider
HelloGold White Paper

0 comments:

Post a Comment