Switcheo Network, a popular cryptocurrency exchange, has officially listed the gold-backed token DGX.
DGX, or Digix Gold, is the first-ever cryptocurrency to be directly related to gold, which makes it a valuable addition for Switcheo Network.
According to the Chief Operations Officer of Digix, Shaun Djie, the announcement of this new listing on Switcheo Network will attract more investors who want to trade the DGX token.
For the moment, Switcheo Networks offers a DGX trading pair with DAI. In the future, the exchange will most probably introduce other trading pairs with the gold-backed token as well.
The way the DGX token works is relatively simple. In order to ensure the value of the token, Digix has registered a number of gold bars on its blockchain. Thus, each gold-backed token has its gram of gold from the blockchain registry.
The main idea behind the DGX token is to allow customers to buy and trade gold in very small amounts. Of course, all the gold, which is backing the tokens, is securely kept in vaults in Canada and Singapore.
Currently, one DGX token can be purchased for around forty dollars, but the price of the coin varies with fluctuations of the market.
The DGX gold-backed token is considered one of the stable investment opportunities in the cryptocurrency world.
Because of its close relation to one of the worlds’ most essential assets – gold, DGX has become a favorite among traders and investors.
With its introduction to new exchanges, the DGX token is bound to become even more popular and accessible to traders globally.
Featured Image by Pixabay