Gold has been tokenized by the Universal Protocol Alliance
The Universal Protocol Alliance - a consortium of crypto companies that includes Bittrex Global, Ledger, CertiK and Uphold - launched a token backed by the Mint of Perth, owned by the West Australian government.
These tokens, called "Universal Gold" or UPXAU, can be purchased from Uphold and issued with the company's debit card. Investors can buy UPXAU from $ 1 with no investment limits. Contrary to popular gold products, which are often charged with 0.4% of the monthly storage fees, the token is free.
In a July 30 announcement, JP Thieriot, Uphold CEO, said the token had "three killer traits":
"Performance, zero-cost storage and government warranty."
In an interview with Cointelegraph, Thieriot stated that "the Universal Gold project has been underway for a long time," noting that one of the Alliance's biggest investors is the "outstanding goldenbug" who caught the attention of the Perth Mint a few months ago:
"The Perth Mint is the largest refinery of new gold in the world and is owned by the Western Australian Government, which guarantees all its gold holdings in the same way that the FDIC guarantees US dollars held in US banks."
Thieriot said the Perth Mint does not charge gold storage fees and is technologically conscious. "For six years we have been working with another well-known gold supplier that cannot match what the Perth Mint offers," he added.