Today the Eidoo’s Ekon Gold token was launched on the market, defined as the meeting point between gold and cryptocurrencies in order to offer a store of value that beats their volatility.

Announced a few months ago, Ekon Gold is a stablecoin supported by physical gold bars: it is, in fact, an ERC20 token equivalent to one gram of pure gold (999) that is stored in the vaults of Eidoo in Switzerland.

The tokens will be audited by PluriAudit SA, an independent auditing company that operates under Swiss law.

Ekon Gold, in fact, stands out among the other stablecoins supported by gold thanks to its complete anchorage 1:1 with every gram of gold, without any fee for the storage, and for complete transparency given by the audit and also by the possibility to withdraw the gold at any time.

To ensure an even more transparent process, Eidoo has also put into operation another option whereby all token holders will be able to monitor the actual presence of physical gold bars stored in the vaults of Eidoo through real-time streaming with a webcam.

To purchase the token you need to download the Eidoo app and, in order to comply with AML regulations, you will need to complete the KYC procedure up to Tier 2.

Thomas Bertani, Director at Eidoo, said:

“For a long time, gold has been a great option in terms of store of value and investment diversification. Downsides remain on carrying it around and having it secured. Thanks to blockchain, we can have the best of both worlds – digital gold to keep gold’s unique properties in our pocket. I like to refer to Ekon as ‘Gold for Millennials’.”

For more info related to Ekon, please join the official chat on Telegram.