Kryptono X Digix a Golden Partnership
Today (July 13, 2018), Kryptono Exchange is proud and excited to achieve double firsts: We are the first centralised exchange to list DGX gold tokens by Digix. And DGX is the first asset-backed stable coin to be listed on Kryptono Exchange.
Trading will begin with a DGX/ETH pairing, with a potential expansion of DGX trading pairs to be added later.
Deposits will begin today at 12.00pm (SGT).
Trading will commence Monday, July 16, 2018 at 5.00pm (SGT).
DGX = Digital Gold
DGX is backed by 99.99% gold-cast bars from refiners approved by the London Bullion Market Association. It is the digital representation of physical gold, which can be freely traded as an ERC20 token on the Ethereum blockchain. It is also different from gold exchange-traded funds (ETFs) in representing actual ownership of gold bullion available to all levels of DGX holders. Each DGX token = 1g of 99.99% gold.
But why gold-backed tokens, and not gold itself? A gold bar is, unfortunately, not like its chocolate cousin — you cannot break off a piece whenever you want. And gold bars are only valued in their whole, intact form. Even chocolate bars are only appealing to anyone unblemished, let alone partly nibbled.
This is where DGX is different. Unlike physical bars, DGX is divisible, easily stored, and easily transferable. Apart from convenience, what this also means is that access to gold becomes more democratized — unlike needing to afford an entire gold bar before you can buy one, you can start by owning a fraction of it digitally.
However, if the gleaming lustre of bullion is what you prefer, you could still buy a gold bar, but it might be a tad cumbersome to safely carry or store. So for any users who own at least 100 DGX, you can redeem a 100g cast bar from the Digix Marketplace by scheduling a visit to the vaults in Singapore.
DGX is also cryptographically secure with Digix’s Proof of Provenance (PoP) Protocol, making the tokens unalterable with tamper-proof records. In addition, quarterly audits are conducted, and there is full visibility over digital ownership, transaction and inventory records.
About the Collaboration
As a crypto exchange with completely in-house built technology, Kryptono Exchange is easily able to onboard new blockchains requiring a custom backend. We believe in the asset tokenization model of DGX, as well as having more stable coins available to the masses in the crypto marketplace. To this end, we want to actively support the community with the ease to own and transact in gold.
“Their outreach into the Southeast Asian markets like Vietnam and Indonesia, play well into our regional plans. The goal is to make DGX the preferred stablecoin of the exchange and we are looking forward to make this collaboration a successful one with Kryptono.” — KC Chng, CEO and founder of Digix.
Why Stable Coins?
Forbes terms stable coins the “Holy Grail of cryptocurrency”. It believes the adoption of stable coins will propel the world of crypto into the mainstream.
Being pegged to a stable asset like gold, stable coins are global despite not being tied to a central bank, and have low volatility compared to regular tokens. As such, Forbes views stable coins as being an ideal cryptocurrency due to four traits: price stability, scalability, privacy, and decentralization.
Your Chance to Win Gold
As part of our celebration of DGX’s listing, we will run a golden competition from Monday, July 16 till Wednesday, Aug 15, 2018 (SGT). Over 300g worth of gold in DGX will be given away to the top 111 DGX balance holders with the highest DGX daily average balance*.
During this period, holders of the highest daily average DGX balance will be rewarded as follows:
Top Prize — A 100g gold bar equivalent in DGX tokens
Next top 10 winners — 10 DGX tokens each
Subsequent top 100 winners — 1 DGX token each
More contest details on Kryptono Exchange. Or sign up now to trade DGX/ETH.
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*Daily average balance of DGX is calculated by the average number of snapshots taken everyday during the promotion period at variable hours of all valid Kryptono-DGX wallets. Please refer to terms and conditions.
