Today at NBX, we’re proud to announce the launch of CACHE Gold (CGT) for buying, selling, and trading on the NBX exchange! Below, you’ll find out what CACHE Gold is, what sets it apart, what you can do with it, and why we’ve listed it.
What is CACHE Gold Token (CGT)?
Coin/Token Name: CACHE Gold Token (CGT)
CACHE Gold (CGT) is an ERC-20 token that tracks the price of real, pure gold at a ratio of 1 CGT to 1 gram of gold. This is made possible by CACHE Gold’s usage of the GramChain Asset Tracking System, which you can think of as a blockchain where the authenticity, location, and value of its gold reserves is recorded and tracked in real-time. Because of CGT’s structure, you can think of it as physical gold for the crypto world that can be traded by anyone, anywhere, at any time.
Since CACHE Gold (CGT) exists as an ERC-20 token, it can be traded as quickly and reliably any cryptocurrency on the market. Simultaneously, all of the physical gold that you’re entitled to is tracked by a system that leverages the same security as Bitcoin itself, since both use the SHA-256 algorithm to reliably encrypt data.
In other words, if Bitcoin is digitally-native gold, then CGT is tokenized gold. If you’re not familiar with what that is, head to our explainer on tokenization, but either way, suffice it to say that “tokenization” refers to putting something from the traditional world on the blockchain. Therefore, it’s also akin to the Decentralized Finance (DeFi) movement since both aim to bring everything imaginable into the “crypto world”.
Since CACHE Gold (CGT) exists as an ERC-20 token, it can be traded as quickly and reliably any cryptocurrency on the market. Simultaneously, all of the physical gold that you’re entitled to is tracked by a system that leverages the same security as Bitcoin itself, since both use the SHA-256 algorithm to reliably encrypt data.
In other words, if Bitcoin is digitally-native gold, then CGT is tokenized gold. If you’re not familiar with what that is, head to our explainer on tokenization, but either way, suffice it to say that “tokenization” refers to putting something from the traditional world on the blockchain. Therefore, it’s also akin to the Decentralized Finance (DeFi) movement since both aim to bring everything imaginable into the “crypto world”.
Don’t other tokens like CACHE Gold (CGT) exist?
Yes, they do, but CACHE Gold’s commitment to decentralization, provable transparency, and dedication to providing its’ community with the investment-grade physical gold reserves sets it apart from other, similar tokenized gold offerings. By investment-grade, we mean adhering to the same standards that the London Bullion Market (LBMA) adheres to regarding purity, weight, and a code of ethics for everyone involved in the mining, refinement, minting and storage processes. Furthermore, anyone in the world can audit both the current supply of CGT and the current gold reserves backing it at any time, through following a simple series of steps that the team outlines here.
With these points in mind, it’s easy to see what makes CACHE Gold a better, more transparent option than other tokenized gold options currently on the market.
With these points in mind, it’s easy to see what makes CACHE Gold a better, more transparent option than other tokenized gold options currently on the market.
Where can I store CGT?
You can choose to keep your CGT in your NBX wallet if you plan to trade it any time soon, where it will be backed by Ledger Vault’s insurance policy, as detailed here. Otherwise, CGT is also supported by all major hardware and software-based cryptocurrency wallets, including MetaMask, Ledger, Argent and many more.
Why did we choose to list CGT?
At NBX, we’re always looking for assets that give both retail and corporate investors new ways to invest in the cryptocurrency space and at the same time, meet true real-world needs. Since CACHE Gold is tokenized gold that truly entitles you to physical gold as well, it fits this mold to a T.
How can I get CGT?
You can purchase CACHE Gold directly with us. As soon as you do, you’re also allocated reserves equivalent to your purchase. For example, if you purchase 100 CGT, you’ll be entitled to 100 grams of physical gold as well. It’s important to note that we don’t deal with any reserves at this time. The CACHE Gold team does. If you choose to redeem your CGT, you’ll need to first make sure that you have a verified CACHE account. Read more about CACHE Gold Token here.
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