SEBA Bank has announced that it is forming a consortium that also includes the precious metal refinery Argor-Heraeus and the blockchain-based precious metals service provider aXedras. The stated aim of the consortium partners is to develop a gold token.
The SEBA Gold Token is designed to be used as a stablecoin in the digital economy, according to the press release issued by the Zug-based bank. This token facilitates transaction settlement and trading, while also functioning as a store of value to safeguard holders from the high levels of volatility seen on traditional and crypto markets alike.
“This innovation is enabled thanks to the blockchain technology and the joint effort with our pioneering partners Argor-Heraeus and aXedras”, comments Guido Bühler, Founder and CEO of SEBA Bank, in the press release. He adds: “With the gold token we overcome the traditional hurdles of holding physical gold”.
This solution unites the advantages of both digital and material assets, as Christoph Wild, CEO of Argor-Heraeus, underlines. “The possibility of backing digital tokens with physical, responsibly-sourced, gold undoubtedly represents a novel way for investors to access the precious metals sector”, explains Wild in the press release.
The collaboration between the consortium partners “is a great example to use latest blockchain technology to achieve novel and efficient financing solutions”, according to Urs Röösli, CEO of aXedras.
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