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CoinShares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain

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  • CoinShares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain

    Digital asset manager CoinShares is putting gold on the bitcoin blockchain.

    Working with wallet provider Blockchain and precious medal trader MKS (Switzerland) SA, the U.K.-based firm announced Tuesday a gold-backed network for trading tokens representing digitized physical gold, a project two years in the making.

    According to CoinShares, the network launches today with more than $20 million in gold held in a Swiss vault to back up its tokens. Each DGLD token is backed by 1/10th troy ounce.

    CoinShares chairman Danny Masters said the product’s network security is based on the bitcoin state, with DGLD operating as a sidechain of the bitcoin network.

    “DGLD combines the stability of the world’s most enduring asset, gold, with the security of the world’s most resilient network, Bitcoin,” Masters said in a statement.

    Built on blockchain firm CommerceBlock’s Ocean sidechain platform, the DGLD network is notable in that it combines financial security – the bitcoin network’s immutability and Swiss vault storage – while still facilitating low-friction trading, said Masters.

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