CdM | Prosegur Crypto, Prosegur Cash’s institutional digital asset custody service, has launched its platform for the purchase of tokenised gold, Prosegur Digital Gold, across the rest of the European Union (EU) and the United Kingdom.
The platform enables the digital purchase of gold backed 100% by physical gold held in custody by Prosegur and verified through regular audits. The service provides access to physical gold as a store of value, without assuming operational risks. Its value is adjusted in line with the market, using the London Bullion Market Association (LBMA) as a benchmark.
As the firm stated in a press release, this expansion comes six months after its launch in the Spanish market and marks the company’s effective entry into one of the world’s largest integrated financial markets, comprising around 450 million inhabitants with high purchasing power.
Prosegur Crypto purchases and stores the gold bars in Prosegur Cash’s high-security facilities. Furthermore, Prosegur Cash is responsible for issuing the tokens, each of which represents a fraction of a gram of a physically custodied gold bar. For each bar, 1,000 digital tokens are generated, which are physically backed by the custodied gold and are subsequently traded via Prosegur Crypto.
The tokens, which represent ownership of the gold, are stored in a digital wallet from where users can view their price in real time and sell them back to Prosegur at any time with full liquidity and security. Furthermore, thanks to blockchain technology, the traceability and immutability of the transaction are guaranteed, which reinforces customer confidence.
“Similarly, the tokens are also held in Prosegur Crypto’s high-security custody, which guarantees their protection through cold storage technology, combining physical security and advanced cybersecurity, making the company one of the most reliable players in the sector,” the company added.
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