South Korean Tokenization Startup Chooses Klaytn Over Ethereum for Gold NFTs

The Klaytn Foundation, a corporation dedicated to increasing the Klaytn ecosystem, introduced that Creder, one in all its governance council members, will launch a tokenized gold providing referred to as Gold Pegged Coin (GPC) in January. Creder will even launch Goldstation, a decentralized finance platform to transform bodily gold into GPC tokens.

Creder Launches 1:1 Backed Gold Pegged Coin and Goldstation Tokenization Platform

Creder, a South Korean asset digitization startup, is taking its first steps into the gold tokenization enterprise. The firm will launch a 1:1 backed gold token referred to as Gold Pegged Coin (GPC) later this month, being the primary tokenized gold initiative launched outdoors Ethereum. Creder selected Klaytn, a blockchain that options low charges and scalability, as the bottom for this platform to democratize entry to this instrument. Other tokenized gold alternate options, like Tether Gold (XAUT), are solely out there on Ethereum.

In addition to the coin, Creder additionally introduced the launch of Goldstation, a decentralized finance instrument that can permit customers to digitize their gold bullion utilizing non-fungible tokens (NFTs). These gold NFTs are issued on one other platform referred to as The Mining Club, which shall be utilized by Goldstation to mint GPC utilizing the NFTs as collateral.

According to the Klytn Foundation, this opens new decentralized finance alternatives, permitting customers to leverage this tokenized gold as collateral and generate income. Goldstation and GPC will initially be out there just for South Korean customers, on condition that the Korea Gold Exchange Digital Asset (KORDA) intermediates because the custody supplier of the platform.

While initially, Goldstation will launch solely permitting the tokenization of gold, Creder expects to broaden to incorporate different metals in its platform. The Klaytn Foundation stated they “plan to comprehensively expand precious metals real-world assets (RWA) tokenization beyond gold in the future.”

Gold tokenization has develop into a sizzling subject in monetary markets, with a number of establishments launching initiatives on this subject. In November, HSBC announced the launch of a gold tokenization platform centered on London markets, concentrating on a market of $525 billion.

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