The Universal Protocol Alliance – a group of leading cryptocurrency firms comprising Bittrex Global, Ledger, CertiK, and Uphold – has launched a token backed by the Western Australian government-owned Perth Mint.
The tokens, referred ‘Universal Gold’ or UPXAU, could be purchased on Uphold and spent using the firm’s open-end debit card. Investors can buy UPXAU from $1 USD with no investment limits. Unlike mainstream gold products which frequently have 0.4% monthly custody fees, the token is liberal to hold.
In line with a recent announcement on 30th July, JP Thieriot, Uphold’s chief executive, said the token had “three killer features”:
“Spendability, zero holding costs, and government guarantee.”
The Universal Gold Project
Explaining further, Thieriot added that “the Universal Gold project has been within the making for quite a while,” noting that one among the Alliance’s largest investors is “a prominent goldbug” who brought the Perth Mint to its attention several months ago:
“The Perth Mint is among the leading refiner of new gold within the world, and is owned by the govt of Western Australia, that guarantees all the gold it holds in the same way the FDIC guarantees US dollars held in American banks.”
He said the Perth Mint didn’t charge custody fees and was technologically savvy. “We’ve been working with another prominent gold provider for the higher part of 6 years, and they can’t match what The Perth Mint offers,” he added.
First Gold Backed Token
The Universal Gold project isn’t Perth Mint’s first gold backed token. Earlier in February it collaborated up with Infinigold to launch the Perth Mint Gold Token [PGMT]. Other gold backed tokens appearing recently include Tether Gold that launched in January, Paxos’ PAX Gold that commenced trade earlier in Sept last year, and DigitalX’s token that was launched in April 2019.