Announcement on the Launch of GoldZip on APPMC
After working with CGSE on the new venture over the past year, on 6 June, 2022, Mr Brian Fung, CEO of Chinese Gold & Silver Exchange, and Mr YK Goh, CEO of V Systems together announced the launch of GoldZIP at the Hybrid Asia Pacific Precious Metals Conference (APPMC) in Singapore
Mr. Fung announced in his keynote presentation: “I’m delighted to announce right here at this conference, the launch of GoldZIP. I cannot think of a better occasion to announce the first execution of our gold smart contract, which is the minting of our first GoldZIP token.”
This is an exciting innovation not just in the traditional gold market, but also in the blockchain and fintech field. The end-to-end solution of GoldZIP built on V Systems technology represents an innovative way for people to hold gold without hassles and high fees. We will see a strong growth for physical assets backed tokenization solutions and Goldzip will have enormous potential to grow as it represents safer, cheaper, and easier gold ownership when people are looking for safe havens in a more and more turbulent market.
Each GoldZIP token is equivalent to one gram of gold with 99.9% fineness, and each eligible gold bar has a minimum weight of one kilogram and minimum fineness of 999.9 parts per 1000. The minimum transaction size is 0.000001, and a transaction fee will be charged to the sender with a minimum transaction fee of 0.000001 GoldZIP token. And the gas fee is fixed at 0.3 VSYS per transaction.
It can be redeemed to gold bars in one kilogram denominations at a rate of 1000 tokens to one bar, and the redemption process takes place in Singapore. Token holders applying for the redemption need to pass AML and KYC checks. GoldZIP wallet is available both on iOS and Android and runs on the V Systems blockchain.
Looking forward, V Systems will continue work on building ecosystems around GoldZIP, including cross-chain interoperability, decentralized exchange, trading, investment, and payment solutions.
Mr. Goh mentioned in his keynote speech: “V Systems’ platform and solutions are easy to use. As we see institutional usage growthing on the blockchain technology, and customized smart contracts, being the layer one blockchain infrastructure, we will be able to build more customized smart contract solutions. We have solutions for the whole ecosystem, marketplace, payments, even options and escrows.”
V Systems is working on another entity in the group that focuses on decentralized exchange for asset-backed tokens, that allows users to execute peer-to-peer transactions without the need for a third party or an intermediary. Therefore, there is no risk of a company or organization being hacked, and users are assured of greater safety from hacking and theft.prevent market manipulation, protecting users from fake trading and wash trading.
Mr. Goh mentioned: “We also have ecosystem partners in digital vouchers, carbon credit fields, we believe our solutions are going to impact the actual physical world and the way we do business as well.”
In the APPMC, companies from various industries (e.g. mining, gold trading, banking, etc) have shown great interest in our innovation and solid solutions which some follow up discussions have kicked off with the prospects recently too.
Our team has also connected to several ecosystem partners such as Card Associations, FIntechs, Online Merchants, and we are excited to kick off more projects this year.
About CGSE
Chinese Gold & Silver Exchange (“CGSE”) was established in 1910 and has a history of more than 110 years. CGSE is amongst the few Exchange in the world that has both an open outcry and an electronic precious metals trading platform. It is Hong Kong’s only physical Gold and Silver Exchange approved by the government under the Laws of Hong Kong in Article 3(d)of Chapter 82.
The CGSE has 171 corporate members from the precious metals industry representing key stakeholders, which include banks, large jeweler groups, bullion merchants, gold refineries, and financial institutions. The role of CGSE is to provide its members with a venue to facilitate precious metal trading activities and member advisory.
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