Australia’s Biggest Gold Refiner Plans Gold-Backed Cryptocurency

Major Australian precious metals refinery, the Perth Mint, is developing its own gold-backed cryptocurrency in a bid to lure consumers back to investing in gold.

With a capacity of processing over 700 tons of gold per year, the Perth Mint is Australia’s biggest gold refiner. A heightened exodus of investors turning to new alternative investments in cryptocurrencies like bitcoin in recent years has spurred the refiner into – ironically – offering its own cryptocurrency wrestle some attention back to precious metals.

The company is in the process of developing a yet-untitled cryptocurrency backed by gold that would also be used for buying and selling crypto-gold on a blockchain, according to ABC News.

Speaking to the publication, chief executive Richard Hayes highlighted a “massive flow of funds into the likes of Bitcoin” as investors veer away from traditional safe haven assets. A gold-backed cryptocurrency traded on a blockchain, he argued, has its own merits.

He stated:

“So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”

Further, the executive also stressed that the company was interested in implementing blockchain technology into its own operators…

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