Creder Introduces Gold Pegged Coin (GPC)
Creder, a South Korean asset digitization startup, is venturing into the gold tokenization market by launching a 1:1 backed gold token called Gold Pegged Coin (GPC) this month. This initiative marks the first tokenized gold project to be launched on a blockchain other than Ethereum. Creder selected Klaytn as the base for its platform due to its low fees and scalability, aiming to democratize access to this tool. Unlike alternatives like Tether Gold (XAUT), GPC will be available on Klaytn.
Introducing Goldstation: A Decentralized Finance Tool
Creder also unveiled Goldstation, a decentralized finance tool that enables users to digitize their gold bullion using non-fungible tokens (NFTs). The Mining Club, another platform, will issue these gold NFTs, which Goldstation will utilize as collateral to mint GPC. By tokenizing gold, users can leverage it as collateral and generate revenue in the decentralized finance landscape. Initially, Goldstation and GPC will be accessible only to South Korean users, with the Korea Gold Exchange Digital Asset (KORDA) serving as the platform’s custody provider.
Expansion Plans and Market Interest
While initially focused on gold tokenization, Creder plans to expand its platform to include other metals in the future. The Klaytn Foundation has expressed its intention to broaden the tokenization of real-world assets (RWA) beyond gold. Gold tokenization has gained significant attention in financial markets, with various institutions, such as HSBC, launching similar initiatives. HSBC, for example, recently announced a gold tokenization platform designed for the London markets, targeting a market worth $525 billion.
Hot Take: A New Era for Gold Tokenization
In its pursuit of creating a gold tokenization ecosystem, Creder’s launch of GPC and Goldstation marks a significant development. By providing a 1:1 backed gold token and a decentralized finance platform, Creder aims to make gold more accessible to users and enable them to leverage this valuable asset for financial opportunities. With plans to expand beyond gold and the increasing market interest in gold tokenization, this industry is poised for growth and innovation. As more institutions and startups enter the space, the ability to tokenize various real-world assets may prove transformative for the financial landscape.
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