- Actual property mogul Kent Swig has landed $6 billion in gold reserves to again a brand new cryptocurrency, Bloomberg reported.
- The token can be referred to as DIGau and can be pegged to the market value of gold.
- Swig mentioned his curiosity in cryptocurrencies was stoked after studying from his teenage son.
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New York Metropolis actual property titan Kent Swig is backing a brand new cryptocurrency and has landed no less than $6 billion in gold reserves for the enterprise, according to a Bloomberg report.
Digital token DIGau’s worth can be pegged to gold’s market value, assured by liens towards mining claims in Nevada and Arizona that have been secured by Swig and his companion Stephen Braverman’s firm, Dignity Gold.
Swig, 60, mentioned he searched worldwide for gold property for 18 months to safe the $6 billion of reserves.
“We’re not reinventing the wheel right here. What we’re doing is making use of the world’s secure backing of quite a lot of issues to a really superior expertise,” Swig instructed Bloomberg in an interview revealed Tuesday.
Swig, who owns realty agency Brown Harris Stevens, mentioned his curiosity in cryptocurrencies was piqued after his teenage son talked to him in regards to the idea. Swig mentioned DIGau will stand out as a gold-backed, U.S.-based crypto safety that pays a dividend to token holders.
There’s been a jump in institutional interest in cryptocurrencies together with at funding financial institution Morgan Stanley and electrical car maker Tesla. Wall Avenue on Wednesday is greeting Coinbase, the primary cryptocurrency exchange to begin trading publicly.