Listing ANN: Decentralized Lending Platform ETHLend Lists Gold-Backed DGX Token
Chiasso, Switzerland (August 22, 2018) — ETHLend, a decentralized and secure financial marketplace built on Ethereum that enables lenders and borrowers to create peer-to-peer digital asset-backed loans using blockchain technology and smart contracts, today announced that Digix’s Gold Token (DGX) is listed and available for use as collateral on its platform, marking the onset of a new chapter in the use of real-world assets in decentralized lending.
Launched in April 2018, DGX tokens are the core product of DigixGlobal with each token representing one gram of 99.99 percent, LBMA-approved gold. These gold-backed tokens provide stability in the normally volatile cryptocurrency-space, offering investors an alternative option to relying on conceptual tokens and assets. Digix utilizes Proof of Provenance (PoP) protocol, which records possession of an asset on the Ethereum Blockchain. The DGX token can be traded or pledged against a loan without moving the gold repository allowing token holders to maintain assurance through the PoP protocol.
“Digix is a pioneer in the tokenization of commodities,” said Stani Kulechov, CEO and founder of ETHLend. “With our support, DGX holders can now pledge their tokens for loans while maintaining exposure to the fluctuating price of gold. We’re broadening our market beyond security and utility-backed tokens, enabling our users to participate in exchanging with tangible materials.”
“DGX is the ideal collateral on for ETHLend users as the price of the token is conventionally stable,” Shaun Djie, Co-founder and COO of Digix added. “Listing DGX on ETHLend feels like a natural next step to service the lending needs of the crypto community. We are excited to partner with ETHLend to provide our users with new ways to digitize and tokenize physical assets.”
In commemoration of Digix and ETHLend’s new partnership, DGX will be featured as the Token of the Week during ETHLend’s ongoing HODL Challenge. From August 27 until September 3, for each loan request created pledging DGX as collateral, users will be rewarded with 500 LEND tokens. The user with the most loan requests during the campaign period — who gets funded — will obtain the most LEND tokens and also receive two tickets to Web Summit in Lisbon, the largest tech conference in the world.
About Digix
Digix is a Singapore based asset tokenization company that has been in the space since 2016. Digix has been awarded numerous Fintech accreditations in Singapore and its CEO, Kai C Chng, was recently invited to sit on a Blockchain panel that was organized by the European Parliament. Although Digix has strong roots in the APAC region, its brand name has a global reach.
Digix conducted the first ever onchain crowdsale in March 2016, where it raised more than 460,000 ETH in exchange for DGD tokens. The ETH raised has been untouched since then and continues to reside in the DigixDAO, for which the company aims to implement a fully operational governance framework in Q3 2018. DGD is the governance and voting token of the DigixDAO and is already available as a source of collateral on ETHLend’s platform.
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About ETHLend
ETHLend is a cryptocurrency peer-to-peer lending company with headquarters in Chiasso, Switzerland founded in 2017 by Stani Kulechov. ETHLend has built on top of the Ethereum network a decentralized peer-to-peer marketplace for digital asset-backed loans operating on the blockchain and using smart contracts to provide security and transparency.
The first mover in the Digital Asset-Backed Lending industry, ETHLend released the first alpha version of its decentralized application on the Main Net in May 2017. More versions have since been released, most recently Alpha 0.3 Kogia, which can be evaluated here using Metamask.
