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New gold-backed digital currency launched

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New gold-backed digital currency launched

With digital currency rising in popularity so much, Anthem Vault, a precious metals dealer in the US, has made a move on them by introducing the first digital currency backed by physical gold. This is also pushing to bolster the use of bullion as an accepted form of payment.

Anthem said it will launch 10 million “INNCoins” backed by 100 grams (3.5 ounces) of gold, with all coins expected to be in circulation by July 2015.

Speaking to Bloomberg, chief executive of Anthem Vault Anthem Blanchard said that INNCoins should make gold more acceptable as a form of currency which combines the efficiency of the medium and the appeal of gold as a store of value.

INNCoin is a form of cryptocurrency as is bitcoin. The launch of this new iteration comes at a time when the markets are trying to regain their footing agains following a string of scandals from the likes of Mt. Gox, once the world’s biggest bitcoin exchange. There is also increased regulatory scrutiny which has investors on the fence. Additionally, there are quite a few other established players already on the market, including Dogecoin (Doge), Peercoin (PPC) and Mastercoin (MSC).

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.