Wednesday, June 19, 2024
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VNX becomes first European physical gold tokenization platform

In the crypto world, VNX is the first authorized tokenization platform for trading tokenized metals such as physical gold. VNX, which was founded in 2022, now with the launch of tokenized metal, serves as a link between cryptocurrencies and commodities such as gold. The tokens you purchase from VNX reflect your ownership share in the commodity’s actual assets, which are kept in a safe vault in Europe. Investors are reportedly able to acquire VNX using both cash and cryptocurrency.

Physical gold tokenization by VNX:

Gold, a frequently utilised precious metal, appears to be the commodity that will be leveraged in this new project. VNX will issue digital tokens that are Ethereum compatible and will trade under the ticker name VNXAU. The actual assets of the precious metal will be represented by these tokens, which will be housed in a safe vault in Liechtenstein, Europe.

The London Bullion Market Association is certifying the gold reserve in the vault for its purity. In addition, each gold bar in the vault is assigned a serial number that corresponds to the tokens. Each token in the VNXAU collection will be worth a gram of gold and will be valued according to market movements in the metal.

VNX not only enhances the crypto environment’s hedging portfolio but also provides these services at no expense in terms of storage or maintenance. In order to reduce risk, investors can use VNXAU to eliminate intermediaries, fees, and currency conversion. This novel commodity-based stable coin aims to combine the benefits of owning gold with the versatility of cryptocurrencies. Aside from that, VNXAU holders can obtain a minimum of one kilogram of their actual holdings in person or through shipment.

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