PureGold is a gold oriented business with 10 years of experience in minting gold coins and bars which was founded in Singapore back in 2010 has adopted blockchain technology to create a gold-backed cryptocurrency payment gateway. The token would enable users to make payments against real physical gold.
The decentralized payment gateway called PGPay would work on two tokens namely Pure Gold Token (PGPay), a utility token with a supply cap of 50 million and another token called Pure Gold “Gold” (PGG) which is a digital form of gold equivalent to the value of 1 gram of gold. The market cap of PGG token would depend upon the amount of Gold held in the reserve.
The firm in a statement said,
“We are the first in Asia to adopt full blockchain eco-system solutions backed by physical gold. At this current moment, you can now use PGPay token to buy Singapore minted exclusive limited series of physical gold at our retail shop. In the near future, you can easily use PGPay token to buy Singapore minted exclusive limited series physical gold directly with ease at our Gold ATM.”.
PgPay is based out of the Ethereum platform and its tokens are ERC-20 based, which means it would be highly compatible and easy to use. The platform has been open to public sales since November. The PGPay token has a total market cap of 50 million, out of which only 45% are up for sale during the pre-IEO and IEO sessions.
PGPay IEO is Live on Tokpie
PGPay token is currently available through a public sale IEO being hosted on Tokpie exchange and the soft cap for the IEO has been set to $1 million while the hard cap is $3 million. The token will be available against USDC stable coin, Ethereum, and TKP, the native token of the exchange. The value PgPay token against each payment method are,
- PGPAY/USDC: 0.45 USDC
- PGPAY/ETH: 0.003 ETH
- PGPAY/TKP: 90 TKP
The IEO sale started on Tokpie on 2nd December and will continue till January 31st, 2020. There is another IEO planned on the Sistemkoin exchange scheduled to start on the 15th of December and continue till 15th January.
Apart from these two exchange listings and IEO sale, the PgPay token will also be listed on a total of following 5 exchanges,
- Tokpie: IEO & Listing
- Coinlim: token listing
- Whitebit: token listing
- Vindax: IEO & Listing
- Citex: IEO & Listing
- Sistemkoin: IEO & Listing
The firm is planning to use a majority of its funding towards expanding its business and infrastructure outside Singapore. The firm is hoping to bring back gold as the mainstream form of currency using the blockchain tech and promises secure, irrefutable, decentralized and open payment gateway with a global outreach.
A payment gateway backed by real gold
Blockchain is a technology that distributes an open ledger to all nodes connected to the network. In the financial management world, a source of the ledger forms the basis of a trusted system where all related transactions originate from. The same can be said about blockchain. But instead of existing in a large leather-bound tome or in a financial management application, blockchains are managed by a distributed set of computing resources working together to maintain that ledger. That is where the relationship between Puregold Tokens and the custodian of the gold assets form the basis for the operation of PG-Pay – the gold payment gateway.
Puregold is a seasoned player in the business of providing minted gold to users for a decade but also understands the changing times and evolving technologies. Gold being the oldest form of payment is still relevant and PureGold is aiming to make gold a mainstream form of barter using blockchain technology. The ERC-20 token based PGPay token can be utilized for making retail payments, paying transaction fees on the PGPay platform, and can also be exchanged against the second token PGG, which represents the digital value of 1g gold.
Physical gold cannot be easily moved or transported for daily use, thus by using the modern-day technology of blockchain, gold can remain stored in reserves of the firm and its value can be transferred from one person to another.
The PG Payment gateway would be available to customers in the form of puregold mobile commerce app. The app will make use of top payment networks and technology around the world to provide the best payment services to its customers.