NEW YORK, May 15, 2019 /PRNewswire/ -- Singapore-based GoldGram Pte. Ltd., creator of the new asset-backed token GGC GoldGramCoin®, and Dallas-based Dillon Gage, world leader in physical precious metals trading and technology, today announced that they have entered into a strategic global alliance through which Dillon Gage will supply the physical gold that underlies GGC.
GoldGram earlier this week announced its introduction of GGC, a digital currency inextricably backed 100% by physical 99.99% fine gold. It can be redeemed at any time and used as a medium of exchange, unit of accounting or store of value.
With more than 40 years of experience in the physical precious metals business, Dillon Gage is one of only a handful of companies with direct access to the gold reserves of the Royal Canadian Mint. Through Dillon Gage as the wholesaler, all gold underlying GGC will be securely stored in the vaults of the Royal Canadian Mint, fully redeemable upon request at any time.
Working closely with GoldGram and leveraging GoldGram's proprietary and fully automated, blockchain-based platform, Dillon Gage will transfer GGC order information expeditiously and securely, following stringent protocols to ensure accuracy in processing all transactions. Customers will remain informed throughout the process, with chain of custody tracking.
Laurence Cross, GoldGram co-founder and CEO, said: "We are delighted to select Dillon Gage – with its wealth of knowledge and experience – as our global gold supplier. There is no other entity better equipped to provide real-time access to buy and sell gold at any quantity in such a highly liquid, transparent fashion. Our alliance with Dillon Gage brings that capability to a new level by ensuring that the gold underlying our new GGC has the automation, real-time competitive pricing, execution and storage that the firm can uniquely provide."
Mark Furmanek, Dillon Gage chief operating officer, said: "We are honored to work with GoldGram to digitize gold with an asset-backed token. The ability to provide real-time audits, redemption procedures and customer asset protection are all areas that are very important to an asset-backed token. Dillon Gage entered into this global alliance with GoldGram because we recognize the tremendous value we add to the unique concept GoldGram offers."
About GoldGram Pte. Ltd.
GoldGram offers a new asset-backed token, GGC GoldGramCoin®, a digital currency inextricably backed 100% by physical 99.99% fine gold. Redeemable at any time, GGC uses a proprietary private blockchain technology based on Ethereum and Hyperledger. The Hyperledger component allows GoldGram to store vast amounts of information pertaining to GGC, while Ethereum provides the ability to create an ERC-20 token offered as an audited, secure "smart" contract with live prices of gold. GGC enables investors to digitally transfer stored gold around the world, in one-click, at the speed of an instant message. GGC is a medium of exchange, a unit of accounting and a store of value – the true definition of money. Fully automated and highly liquid, it is intrinsically linked to underlying gold in a secure vault. The token can be purchased, sold and redeemed at the live price of gold. GGC connects the traditional trading world with the digital asset world, paving the way for market participants to trade GGC against other financial instruments, whether they are traditional gold-based products, fiat currencies or other digital assets. Follow GoldGram on Facebook or LinkedIn.
About Dillon Gage
Dillon Gage is the world leader in physical precious metals trading and technology serving dealers, financial institutions, banks and brokerage houses around the globe. Since 1976, Dillon Gage has led the way in innovation, advanced trading tools, technology and intellect. The firm is one of a handful of firms who are authorized purchasers of bullion (including coins, rounds and bars) for all major world mints and maintains inventory in over 20 countries. Dillon Gage's integrated products and services include numismatics, bullion and electronic trading of precious metals and fulfillment, API integration, physical gold tracked by blockchain technology, refining and storage. The firm operates: FizTrade Online Trading, IRAConnect, Dillon Gage Refining and International Depository Services Group, a privately-owned subsidiary of Dillon Gage Metals, with locations in Delaware, Texas and Ontario. Dillon Gage's philanthropic arm, HELPS International, provides relief, development and educational opportunities to Guatemala. Learn more about Dillon Gage at DillonGage.com.
SOURCE GoldGram Pte. Ltd.