A Crypto Currency System Backed By Silver Launched In Canada
Canadian company Blockchain Foundry and crypto currency startup LODE announced joint development of a tokenized monetary system based by silver. The project’s goal is to recover circulation of silver as an universal payment method and to diversify precious metal trading.
The developers use Syscoin as a basic protocol. According to LODE, the system will have two tokens: AGX Coin and LODE. AGX Coin — is an asset backed by 1g of silver (1:1). AGX is designed for payment making and transfers, it is possible to exchange it to hold, silver and investment products. LODE token is tokenized share in the crypto currency system, it proves that the owner has to get bonus tokens depending on total AGX market capitalization.
Blockchain Foundry joined the project for 6 months. The company’s specialists will provide technological support and help to develop the system and some solutions. Deal is done for 250 million Canadian dollars ($189 million).
The main strategist of Blockchain Foundry Marc Nicholson says that this cooperation will be profitable for both parties.
Probably, LODE project will set a trend for stablecoins backed by precious metals. An Iranian national crypto currency backed by gold has allegedly been presented at an event in Iran.