On August 4, the precious metals firm Kitco Gold announced the launch of a gold-backed stablecoin which will leverage an audit process via Cohen & Company with monthly attestation reports. Kitco has partnered with Tradewind Markets, First Digital Trust, and Stably, an asset tokenization provider. The gold-backed ERC20 tokens called “kitco gold (KGLD)” “represent one true, troy ounce of fine gold,” according to Kitco.
Kitco Launches KGLD Token Backed by a Troy Ounce of .999 Gold
In the seventies, Bart Kitner started trading gold with funds he got from a loan and managed to expand his business into a massive precious metals company from a mere $700 investment. The global precious metals (PMs) market, Kitco, is considered an authority when it comes to PMs like gold, platinum, palladium, and silver. The Montreal-based PM company also runs a popular PM-focused website that offers financial news and PM market data.
Now the company is getting into cryptocurrency solutions as Kitco revealed it has partnered with the custodian First Digital Trust, the blockchain provider Tradewind Markets, and tokenization firm Stably. Kitco will launch a token called kitco gold (KGLD) which will translate into a single troy ounce of .9999 fine gold. The Kitco ERC20 tokens will be backed by gold reserves held in Directreserve vaults. The well-known CPA verification firm Cohen & Company will bolster the coin’s attestation process.
Because Kitco’s token is an ERC20, the firm believes the coin can be easily added to exchanges, wallet platforms, and defi ecosystems. The token’s value is recorded in real-time using the same market value of the spot gold price. John Dourekas, the chief business development officer of Kitco Digital Metals Group, explained on Wednesday that Kitco has been anticipating the release of KGLD.
“We’ve been looking forward to
