Kent Swig, a real estate investor and owner of Terra Holdings, has secured $ 6 billion in gold reserves to support his new cryptocurrency.
According to Bloomberg News, his digital token, DIGau, will be fixed at the market price of gold. Gold is guaranteed by Lien, who Swig and partner Stephen Braverman protected against mining claims in Nevada and Arizona through their company, Dignity Gold.
“Gold was one of the original solid backing of all currencies,” Swig told the publication. “We are not reinventing the wheel here. What we are doing is applying the backing of many stable things in the world to very advanced technology.”
Cryptocurrencies like Bitcoin are volatile, but can be stabilized by fixing new coins to physical assets.
Swig’s new coin is not the first attempt to combine gold and crypto. According to Bloomberg, other attempts have been less successful. However, interest in both has increased in recent years as investors are trying to protect themselves from inflation.
Billionaire Rick Caruso Real Estate Company Recently Became The Largest Real Estate Company Accept rent In cryptocurrency.
[Bloomberg] — Sasha Jones
Kent Swig Launches New Cryptocurrency, DIGau Source link Kent Swig Launches New Cryptocurrency, DIGau