Sun, May 19

Dubai-based FinTech Firm Enables Access To Digitized Gold

Dubai-based FinTech Firm Enables Access To Digitized Gold Editors News
  • ComTech introduces a Gold token, which allows users to access the gold electronically.  
  • The current value of 1 $CGO token price is $54.97, as per CMC.

Recently, the co-founder of XinFin XDC Network, Ritesh Kakkad tweeted that ComTech Gold is “redefining the tokenization infrastructure” by digitizing Gold using the XDC Blockchain system.  According to his tweet, the new functionality will provide both organizational and retail communities to obtain electronic Gold, from anywhere in the world. He also stated that the value of one gram of gold is equal to one $CGO token.

Tokenization In Hybrid Blockchain

ComTech Gold is built on the XinFin XDC Network, the world’s first hybrid blockchain system. The blockchain functions based on a proof-of-stake (PoS) mechanism. Its users can digitize and tokenize in the hybrid network, which provides a quick transaction facility with a very low fee. 

The network has its native token named XDC, which performs as a currency to settle transactions of Decentralized Applications (dApps) that are built on the XDC blockchain system. ComTech (CGO) is a digital token that fully complies with Shariah law. Each token is backed by a distinct piece of gold that keeps a record of all of its transactions and can be easily identified. 

At the time of writing, according to CoinMarketCap, the Comtech Gold (CGO) price is $54.97 with a 24-hour trading volume of $1,396,289. The token is down 0.19% in the last 24 hours. However, the token slid down 11.16% from its all-time high of $61.83 which was hit in May 2022.

The gold and silver-backed digital tokens are also getting accepted in many crypto exchanges. Some holders believe gold is a useful hedge against inflation. So, they use it as a substitutive currency. 

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