Olympus Labs and Digix partner to bring tokenized gold DGX into the Olympus ecosystem
Olympus Labs signs a strategic partnership with Digix to bring tokenized gold in the form of DGX tokens into the Olympus ecosystem for creation of cryptocurrency indices.
Providing an important asset in an investor’s portfolio
Cryptocurrency investors will be able to purchase digital gold straight from the Olympus app by buying DGX tokens, therefore being able to hold an asset-backed token using the Ethereum Blockchain.
DGX will be included in Olympus’ Index offering, allowing investors to purchase DGX as part of a larger portfolio with a single tap. The portfolio will include DGX, MOT, KNC, and a growing list of other tokens, thereby giving investors the ability to easily acquire a diversified portfolio. DGX serves as a relatively uncorrelated asset, counterbalancing the other tokens in the portfolio, reducing overall portfolio volatility to protect portfolio values during crypto sell-offs.
With DGX integrated into the Olympus Protocol, DGX tokens can now be included in any custom indexes and financial products, whether made by the Olympus team or third-party developers using the Olympus protocol. In upcoming releases, Olympus can also provide digital gold futures, lending backed by digital gold, decentralized applications based on digital gold through this partnership with DGX.
“We are very excited to partner with Digix, the first crowdsale on Ethereum, and the creators of DigixDAO, to push the boundaries of blockchain technology and the cryptocurrency revolution. We are honored to be working with such an amazing and forward-thinking team, and we can’t wait to see what amazing financial products and applications will come from our partnership!” said Kai Chen, CEO of Olympus Labs.
DGX is a real-world asset-backed stablecoin, rather than a fiat-backed one, ensuring stability not only during cryptocurrency market turmoil, but also during ‘traditional’ economic slowdowns. Having a non-fiat backed stablecoin being accessible to Olympus clients and developers would assist in hedging risks and provide the cryptocurrency trading market with a powerful alternative to traditional fiat pairs.
“We stick to our ethos in creating a gold backed ERC20 token, namely DGX, as the de-facto stablecoin on the Ethereum blockchain ecosystem. With it being accessible through new dApps such as Olympus Labs, encourages adoption and awareness of its stablecoin properties.” KC Chng, CEO, DigixGlobal
About Olympus Labs
Olympus Labs is a protocol for the decentralized creation of cryptocurrency financial products with a one-stop-shop mobile application that offers investors the financial products built using the Olympus Protocol.
The Olympus Ecosystem integrates financial product creators, third-party applications, exchanges, and price oracles, and we encourage third-party developers to build their own financial products and D-apps using Olympus Protocol.
Digix is an asset tokenization platform on Ethereum, with physical gold on the Ethereum blockchain being its first use case.
Digix created the Proof of Provenance Protocol (PoP) to track physical assets on blockchain and the DGX token on a fully allocated basis, on which 1 token represents 1 gram of gold bullion from LBMA-approved refiners stored in the vaults in Singapore. The entire asset explorer of gold bullion is publicly accessible by anyone via the Digix Marketplace.
Digix and Olympus Labs believe that such a partnership is timely in propagating a safe haven asset into the financial ecosystem, allowing all financial products to benefit from the properties of a safe haven asset.
For more information about Olympus Labs:
To learn more about the project, please visit www.olympuslabs.io.
To invest in the project, you can buy MOT on Kyber and Olympus app, as well as on OKEx, Bibox, FuBT and BTCGO
To support the project, you can join us on social media:
Telegram chat: https://t.me/olympuslabs