Digix, creator of the world’s first asset-backed digital gold token, today announced the listing of the gold-backed token, DGX, on Switcheo Network, the first decentralised cryptocurrency exchange on the NEO blockchain. The listing on Switcheo Network will allow DGX token holders to trade in a secure and non-custodial exchange on the Ethereum, EOS and NEO Blockchains.
Shaun Djie, Co-Founder and COO of Digix, said: “More and more we are observing well-informed retail investors diversifying their investment portfolio to tokenised assets as the digital assets space matures. Listing DGX on Switcheo Network will offer the retail investors a new avenue to trade our gold-backed token on a Decentralised Exchange with no additional registration fee and will present existing DGX holders with new opportunities.”
Headquartered in Singapore, Switcheo Network is a decentralised non-custodial exchange, facilitating peer-to-peer transfers of digital assets. Enabling trustless, practical transfers across blockchains, the company recently announced that in addition to the Ethereum, EOS, and NEO blockchains, that it aims to introduce bitcoin (BTC) support to the Switcheo Network in the future. This announcement was made in the recently revealed Q4 2019 roadmap, which followed the much-anticipated upgrade to the exchange’s Ethereum smart contract upgrade — Switcheo Jasper. As a result, users can expect significantly lower trading fees, faster withdrawal speed and greater transparency in transaction details.
Digix is the world’s first smart-asset company using blockchain that accounts for the authentication and provenance of 99.99 percent investment-grade gold bullions. The company has registered physical gold bars on the blockchain, and has pegged each of its DGX tokens to 1 gram of physical gold that has been approved by the London Bullion Market Association. Available for purchase online, DGX provides retail investors with the opportunity to purchase gold bullion in increments, simplifying and democratising the process of investing in traditional gold markets. Every DGX token is stored in accredited precious metals vaults in Singapore and Canada.
Djie added: “Not only is Asia an international trendsetter in the adoption of digital assets, the region is also a key global market for the gold industry, with East Asia and India accounting for more than 70% of physical bar investment globally. With such clear interest in gold among both professional and retail investors, we want to continue to break down barriers to entry in the market and to deliver a world-class trading experience—Switcheo shares this vision. As veterans of Singapore’s blockchain sector, we are proud to collaborate with a leading Singaporean exchange in bolstering Singapore’s presence in both the international blockchain economy and the gold market.”
Switcheo will begin listing DGX on 29 November 2019 at 12pm SGT (UTC+8). At launch, the market pair, DGX/DAI, will be available for trading. Retail investors holding DGX tokens can also exchange their token back at Digix to redeem the physical investment-grade gold bullion.
The announcement of the DGX introduction to Switcheo Network comes weeks after the listing of DGX on Chinese exchange, HotBit in September this year, and marks the continued growth of the number of platforms available for DGX token traders, which also includes ProBit and Bitfinex, both industry-leading exchanges.