Monday, February 26, 2018

Korean company to create new gold backed cryptocurrency focused on miners exchanging their output from other cryptocurrencies

While there are several new gold backed cryptocurrencies that actually appear to be beneficial in their business models, some of course seem to be stretching their missions and scopes to absurd levels.  And perhaps one of the most curious of these is a new gold backed cryptocurrency coming out of Korea that is focusing on crypto miners and their output from other cryptocurrencies.

Korean startup GoldMining announced that it would exchange mined cryptocurrency for gold at Korea Exchange Gold Market, store the gold at Korea Securities Depository (KSD) and issue a gold-backed digital currency. 
“Our project is to become a bridge connecting the cryptocurrency market to the real economy in order to pioneer a digital currency market based on gold. Gold will sit safely in KSD vaults operated by a government agency. Tokens will be valued by gold, the safest ever in human history” 
Pre-sale of tokens will start on April 1. 
GMC and GSC tokens will be issued. GMC stands for Gold Mining Cryptocurrency. GMC tokens can be bought through the token sale. One Ethereum represents 30,000 GMC tokens. Pre-ICO is offering up to 30 percent bonuses for early buyers. The earlier you buy tokens, the more bonuses you will get. 
GSC stands for Gold Standard Cryptocurrency. This cannot be purchased through the token sale. Gold stored at KSD is allocated proportionally only to GMC token holders. 
A total of five rounds of token sale will be held with the goal of raising about $50 million. 
If the token sale comes to a successful conclusion, GoldMining will be able to buy and store more than 100 kilograms of gold a month and secure more than 1 ton of gold within a year. – Businesswire
If this ICO doesn't intrigue you to believe that the ongoing cryptocurrency mania isn't similar to the Dot Com bubble era, then perhaps you should look into the resurrection of the Beanie Baby bubble, which astoundingly is making its own comeback in the collectible markets.


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