Gold-Backed Stablecoin xbullion Brings Wall Street's David Tice Aboard
Long-time Wall Street bear David Tice's latest crypto venture is starting to gain some traction.
Tice, a frequent talking head on CNBC, has taken an advisory role at xbullion, an emerging gold-backed stablecoin. Word is that Tice, based in Dallas, has in recent weeks been pushing the regulatory paperwork to get xbullion set up in the U.S.
The next step: shopping the stablecoin to U.S.-based exchanges.
Each token is secured by 1 gram of 9999/LBMA physical gold, according to a document shared with Crypto Investor. xbullion says that the physical gold is directly owned by the token holder and secured in "best-in-class geo-dispersed vaults."
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The document goes on to explain there's no minimum purchase and that each token can be fractionalized to 8 decimal places. But there is a 1,000-token minimum to redeem the crypto for actual gold.
In short: Don't expect to buy 0.00000001 token and redeem it for some gold dust.
Investors will need enough tokens for one kilo of gold - the spot price of which is currently north of $50,000 - before they can redeem them for the real thing.
xbullion is based in Sydney and is run by CEO David Lightfoot, who previously co-founded Australian OTC trading desk and crypto custodian Digital Reserve.
The stablecoin uses the Ethereum ERC-20 Token standard. Malca-Amit in Singapore, Baird & Co. in London and Jaggards in Sydney will be its custodian service providers.
Long-time Wall Street bear David Tice's latest crypto venture is starting to gain some traction.
Tice, a frequent talking head on CNBC, has taken an advisory role at xbullion, an emerging gold-backed stablecoin. Word is that Tice, based in Dallas, has in recent weeks been pushing the regulatory paperwork to get xbullion set up in the U.S. Subscribe for full article
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