SEBA Bank launches regulated gold token to enable digital ownership of physical gold By Cointelegraph

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SEBA Bank launches regulated gold token to enable digital ownership of physical gold

Cryptocurrency Dec 15, 2021 04:40AM ET

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SEBA Bank launches regulated gold token to enable digital ownership of physical gold

On Dec. 15, SEBA Bank, a licensed Swiss digital assets banking platform, launched a regulated digital token backed by physical gold and exchangeable for delivery. SEBA claimed that due to its regulatory-compliant nature and the low volatility of gold prices, the gold token could eventually be used as a stablecoin for on-chain transactions.

In other words, the design of the gold token bears similarity to gold standards, where fiat currencies are backed by their exchangeability to physical gold in addition to faith entrusted in governments that issue them. In 1971, U.S. President Richard Nixon took the dollar off the gold standard, where it was established that every $35 in dollars could be exchanged for one ounce of gold as per the 1944 Bretton Woods system.

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