NEW YORK, May 13, 2019 /PRNewswire/ -- Singapore-based GoldGram Pte. Ltd. today unveiled its new asset-backed token, GGC GoldGramCoin®, a digital currency inextricably backed 100% by physical 99.99% fine gold. GGC can be redeemed at any time.
Founded in 2018 by Laurence Cross, Steffen Gemuenden and Mark Diekmann – entrepreneurs with extensive experience in finance, precious metals and trading technology – GoldGram created GGC using 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.
Among the key differentiators of GGC compared to other gold-backed tokens are:
- Intrinsic, inextricable link to underlying gold in a secure vault
- Ability to purchase, sell or redeem at live prices
- Fully automated process
- Highly liquid and tradable
Cross, GoldGram Co-Founder and CEO, said: "GGC gives you the ability 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."
Gemuenden, GoldGram Co-Founder, said: "Through GGC, we are connecting the traditional trading world with the digital world. We are 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."
Cross started his career as a Navy diver, later becoming a salvage diver who recovered sunken gold and silver. Seeing gold emerge untarnished after 200 years underwater was one of the driving forces behind GoldGram. Cross co-founded and became Chairman of Visson Enterprises Ltd., an Israeli-based technology company that counted Philips Electronics as an investor in its innovative, proprietary technology in foldable, liquid crystal displays.
Gemuenden co-founded RTS Realtime Systems in 1992 and served as its Chairman and CEO until Bloomberg acquired the company in 2014. RTS developed a multi-asset class trading platform connected to 135 exchanges across the world through its own low-latency network and data centers.
Diekmann is Founder and Managing Director of Co-Invest Group, a structured finance specialist and well-known funding partner to a variety of start-ups, including a regulated precious metals trading specialist. He is a member of the advisory board of Commerzbank and served as a regular advisor to the German Parliament.
SOURCE GoldGram Pte. Ltd.