Digital Assets: Gold-backed Tokens Provider Cache Ties With Onchain Custodian
Cache’s gold tokens are fully regulated, public, transparent, redeemable tokens. The company backs the tokens with physical gold stored in vaults.
Singapore’s Ministry of Law has licensed Cache Private Limited under the Precious Stones and Precious Metals Dealers (Prevention of Money Laundering and Terrorism Financing) Act (PSPM Act) of 2019. The provider of fully-redeemable digital assets backed by gold has tied up for a custody solution with digital assets custody service provider Onchain Custodian Private Limited. (Yahoo Finance)
Investors such as Fosun, Sequoia, and DHVC back Singapore-headquartered Onchain. It offers a global, standardized, resilient, insured and compliant custody service for the safekeeping of institutional digital asset investments.
Because Onchain has securely integrated Cache’s blockchain into its custody offering, the latter can promote the use of Onchain Custodian services to institutional and qualified investors interested in managing their token holdings with an independent third-party custodian.
Cache gold tokens
Cache backs its Gold tokens with 100 percent investment-grade physical gold. The firm stores the gold around the world in secure vaults such as Dillon Gage, Brink’s, Loomis, and The Safe House. Each gold token is equivalent to one gram of pure, physical gold.
Cache deploys its Gold tokens on the Ethereum public blockchain using the Ethereum ERC-20 standard. The company records issued tokens on its GramChain asset tracking system which provides real-time bar locations, photographs, and serial numbers. GramChain is a revolutionary new Proof-of- Reserve system, asset-tracking to store data as standardized events.
According to the Cache website, the underlying gold and the tokens issued by the company are always kept in sync via the CACHE Token Governor that ensures the number of tokens in circulation never exceeds the number of grams of pure physical gold locked and tracked by GramChain®.
No centralized third party can freeze customer accounts or confiscate tokens, says the token issuer.
The general public can purchase Cache gold tokens in the coming months.
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