Audit 1: Digix’s Gold Holdings Independently Audited — 100% accounted for on 5 July 2018
We had our first audit of the physical gold holdings in our custodial vault conducted last Thursday, 5 July by our precious metals auditor, Inspectorate at Bureau Veritas.
Bureau Veritas is a globally trusted and reputable institution that provides a range of services ranging from auditing, quality assurance to testing and analysis, for various industries. Inspectorate is part of their arm which specialises in services for commodities markets. They certify the quality and quantity of commodities traded and their certificates of analysis are trusted around the world (more information on them can be found here).
In keeping with the central idea of transparency underlying any blockchain project, Digix prides itself on ensuring that the entire life cycle of the Proof of Provenance (PoP) process is completed in a fully transparent and publicly verifiable manner.
We recognise that audits of our gold holdings are important in boosting and engendering public and market confidence, especially in a climate where there is a lot of uncertainty in relation to physical assets that are used for backing cryptocurrencies. Knowing that this is key to building trust in our operations, we intend to publish summaries of the audit results.
The audit by Inspectorate is thus our final step to the completion of the PoP lifecycle for this first batch of DGX tokens released since April 2018.
Summary of the results of the audit
At the time of audit, we had gold holdings amounting to 142 physical bars held with our custodial vault, The Safehouse Singapore. There are 6 types of gold bars that we have Valcambi Gold Cast Bar — 100g, Perth Mint Gold Cast Bar — 1kg, PAMP Gold Cast Bar — 1kg, Credit Suisse Gold Cast Bar — 1kg, Metalor Gold Cast Bar — 1kg and Heraeus Gold Cast Bar — 1kg. Inspectorate confirmed that all 142 gold holdings of the 6 different types were accounted for.
Inspectorate also conducted a weighing test of a random sample of 6 Gold Cast Bars (serial numbers: AA812860, AA901930, AA902072, C860505, AD76974, 3405652) from the total pool, three of which are 100g bars and the remaining 1kg bars.
All 142 bars passed the audit test.
These documents are attached to every bar on our asset explorer that has gone through the audit as of 5th July 2018.
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