Perth Mint
Gold Token
backed by
government guaranteed Gold
Update KuCoin Security Incident: Delisting of PMGT from KuCoin Exchange
Following the KuCoin security incident that took place on 25 September , during which PMGT and several other ERC tokens were stolen, InfiniGold had frozen the appropriated tokens by preventing the hacker's Ethereum address from further interacting with the PMGT contract.
On 12 November , InfiniGold has released an update to their smart contract that allowed the stolen PMGT to be transferred out of the hacker's address, securing the appropriated funds.
Token holders are now once again able to withdraw, deposit and trade PMGT on the KuCoin Exchange.
This incident, as well as the subsequent handling of the incident by KuCoin, has made us question whether KuCoin satisfies the level of governance and compliance that we require of our partner exchanges. We have therefore decided to delist PMGT from the KuCoin exchange.
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Perth Mint Gold Token:
Gold for the Blockchain Era
PMGT provides a superior level of trust and cost effectiveness for your transactions in real gold on a public blockchain.
PMGT allows blockchain users to conveniently trade and hold gold stored at The Perth Mint.
Digitally manage your entitlements over the physical gold, convert and pick up gold bullion of your choice or get it delivered globally.
Security, Stability, Guaranteed Backing
Backed by government guaranteed gold
Every PMGT is a tokenised version of a GoldPass certificate, which are % backed by physical gold stored in The Perth Mint's central bank grade vaults.
Liquidity
Via The Perth Mint's GoldPass platform investors can redeem their tokens at any time for bullion, or its market value in fiat, unlocking liquidity for even the largest of trades.
Price stability
Representing physical gold, PMGT offers token holders risk diversification and hedging against market volatility at superior credit quality while avoiding costly conversions between fiat and crypto.
Convertible
Redeemable via GoldPass into a range of The Perth Mint's products - from small 1 oz cast bars to oz LBMA-accredited London Good Delivery bars - conveniently delivered to your doorstep.
Trust, Transparency, Efficiency
Trusted
The Perth Mint is the custodian of the underlying physical gold that backs all GoldPass certificates, with every ounce of gold guaranteed by the Government of Western Australia. It is these digital certificates that provide the gold backing for PMGT.
No fees
With no transaction, storage, or ongoing management fees, PMGT is one of the most cost-effective gold assets and a competitive alternative to traditional gold products.
Scalable
As PMGT is tokenising GoldPass certificates backed by physical gold held in The Perth Mint‘s inventory, billions of dollars worth of tokens can be issued.
Real-time auditability
The amount of gold represented by issued PMGT can be verified at any time against the gold holding balance of InfiniGold‘s GoldPass accounts, published by The Perth Mint.
PMGT is based on The Perth Mint‘s established GoldPass platform.
The Perth Mint has implemented GoldPass as the platform to digitise physical gold in the form of GoldPass certificates. Each certificate is % backed with physical gold stored at The Perth Mint.
PMGT tokenises GoldPass certificates and makes them available on a public blockchain where investors, traders and institutions can buy and sell them on Digital Asset Exchanges.
1 PMGT = 1 oz GoldPass certificate = 1 oz pure physical gold.
PMGT may be exchanged for GoldPass certificates. Equally GoldPass certificates may be exchanged for PMGT. In each direction the exchange rate is The exchange is performed by InfiniGold, and no exchange fee applies.
Richard Hayes — CEO of The Perth Mint:
“The digitisation of gold via a public ledger will promote gold as a mainstream investment, enhance its accessibility, and offer greater liquidity and auditability.”
Safe storage of value
For thousands of years, gold has been one of the most effective stores of value, both as a hedge against inflation and volatility, and as a price stable asset. PMGT introduces gold to the blockchain, allowing digital asset investors to tap into these historically-proven properties.
Effective portfolio diversification
Portfolio diversification in digital assets markets is more challenging than that in the traditional financial markets as a result of higher volatility and correlations. PMGT solves both these challenges, as the price of PMGT will track gold&#x;s spot price.
Cross asset traders
PMGT is indirectly tradable against traditional gold products:
| GLD | the world‘s largest gold ETF | |
| COMEX/CME | the most popular gold futures market | |
| XAU | the over-the-counter (OTC) gold market |
This makes PMGT one of the few tokens that connects the traditional financial markets with the digital assets markets.
Institutional gold traders
PMGT has two key differences to other popular gold products:
- there are no management or storage fees to hold PMGT like there are for other gold products
- PMGT maintains a strict backing with GoldPass certificates and therefore with physical gold, in stark contrast to many gold products which are often not fully-backed.
Individual gold buyers
Efficiency, trust, security, transparency, flexibility - PMGT provides individual gold investors with access to high-quality gold at highly competitive pricing, making it the most desirable product when investing in gold on the blockchain.
PMGT will be tradable on leading cryptocurrency exchanges, so that gold positions can be opened and closed within seconds by retail and professional investors alike.
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