Swiss crypto bank Seba wants to create another digital currency, a gold token. Physical gold plays a role in its plan.
Seba Bank aims to issue a gold token, according to a statement issued on Thursday. For this, it has entered into a cooperation with Ticino-based refinery Argor-Heraeus as well as blockchain company Axedras, which specializes in precious metals.
Protection Against Crypto Volatility
The plan is to issue a token backed by physical gold of responsibly sourced origin. The goal is to expand the Swiss gold ecosystem and set a new standard in the stablecoin sector, Seba said.
The gold token is intended to be used as a stablecoin in the digital economy, allowing transactions settlement, trading, and act as store-of-value shielding holders from the volatility in traditional and crypto markets, Seba added. The token will allow physical delivery in investor-specified quantities and will empower the holder with responsibly sourced gold.
